Emaar Properties has recently released their financial results for the first half of 2024, reporting total revenue of AED 14.4 billion ($3.9 billion) and a net profit before tax of AED 7.8 billion, accomplishing the growth of 17% and 33%, respectively over the same period last year.
In a statement released by Emaar Properties on Thursday, the company said that the improved performance is the result of combined efforts by sustained investors’ confidence and robust demand in Dubai’s real estate market, strong project execution capability, and continued growth in tourism and retail sales.
Improved profit margins and optimized operational efficiencies helped Emaar in achieving a 24% growth in EBITDA, which rose to AED8 billion ($2.2 billion) in H1 2024. This outstanding pace in property sales further expanded Emaar’s revenue backlog from property sales, this robust momentum in property sales further expanded Emaar’s revenue backlog from property sales, which reached AED90.1 billion ($24.5 billion) at the end of June 2024, up 43% from June 2023 and 15% from March 2024.
Commenting on the results, Mohamed Alabbar, Founder and Managing Director of Emaar Properties, said, “Our strategic investments in key locations and other major assets have yielded impressive returns. We are confident in executing our business strategies and proud of our significant contribution to Dubai’s economic landscape and reinforcing its global leading position.”
Source: Mediaoffice
