TLDR:
• Emaar’s profit rises as retail soars
• Sales growth hits significant milestone
• Revenue backlog hints at future growth
DUBAI (The Thursday Times) — Dubai’s Emaar Properties has reported a steady rise in net profit for the first nine months of 2024, driven by robust retail sales and increased demand for real estate. The developer, known for constructing the Burj Khalifa, has maintained a stable pace in revenue growth, which rose alongside a significant boost in property sales.
With earnings attributed to shareholders hitting AED 8.52 billion, this represents a modest increase over the previous year, attributed to renewed interest in Dubai’s real estate market. Emaar’s revenue from the period stood at AED 23.8 billion, with property sales seeing an impressive year-on-year surge of over half to reach AED 50 billion. This marks a pivotal period for the company as consumer confidence and investor appetite in the UAE real estate sector show a distinct upswing.
Emaar’s sales backlog indicates sustained interest
Emaar Properties’ revenue backlog from property sales has crossed AED 100 billion as of the end of September 2024. This backlog represents a long-term commitment that will be recognised over the coming years, indicating consistent buyer interest and a thriving real estate sector in Dubai. The company foresees this backlog as a steady contributor to its revenue stream over the next four to five years, signalling a healthy demand outlook in both residential and commercial segments.
Emaar Development records stronger growth
Emaar Development PJSC, a subsidiary focusing on build-to-sell properties, has also shown robust performance this year. The company’s profit reached AED 4.57 billion, marking a substantial increase over the previous year. Its revenue for the same period climbed by a similar margin to AED 12.48 billion. This growth reflects a considerable rise in property sales, showcasing the appeal of Emaar’s development projects among buyers looking for high-quality real estate options in Dubai’s rapidly growing market.
With Dubai’s economy continuing to attract investment from global and regional markets, Emaar Development’s increase in both revenue and profit underscores a resilient property sector. The rise in sales by the subsidiary suggests sustained demand in Dubai’s property market, positioning the company strongly in the region’s economic landscape.
