Gulf Today, Staff Reporter

Emaar Properties has released its financial results for the first quarter of 2024, showcasing consistent resilient performance and operational efficiency across its various businesses.

Emaar achieved its highest ever quarterly group property sales in Q1 2024 of Dhs 13.5 billion, reflecting a robust 47% growth compared to Q1 2023. Supported by incremental property sales, Emaar’s revenue backlog from property sales reached AED 78.3 billion (US$ 21.3 billion) as of March 2024, growing by 9% from December 2023. This backlog represents future revenue from property sales to be recognised over the next 4-5 years.

Emaar’s recorded revenues of Dhs6.7 billion and net profit before tax of Dhs 4.3 billion which grew by 16% compared to the same period last year. The improved performance was driven by the growth in tourism, retail sales, and sustained real estate demand in Dubai. Emaar’s focus on improving profit margins and operational efficiencies resulted in achieving higher EBITDA, which grew by 9% to Dhs4.4 billion ($1.2 billion) compared to Q1 2023.

Commenting on the first quarter’s results, Mohamed Alabbar, said: “Emaar started the year with a strong performance, which reflects our focused approach towards sustainable growth and our commitment to customer satisfaction. Our investments have been strategic and result-oriented, leading to solid returns. We are driven by a clear strategy and a pragmatic approach to business, ensuring we add more value for our stakeholders. Our confidence in executing our business plans remains high, and we continue to play a crucial role in the economic landscape of Dubai and beyond.”

In Q1 2024, Emaar Development demonstrated healthy financial performance with revenues reaching AED 3.5 billion (US$ 953 million) and recorded EBITDA of AED 1.7 billion (US$ 463 million), marking a 48% increase from Q1 2023. Emaar Properties reported consolidated revenue of AED 4.1 billion (US$ 1.1 billion) from its property development business in the UAE, including Dubai Creek Harbour.

During the first quarter of 2024, Emaar announced the launch of two new developments: The Heights Country Club & Wellness, and Grand Polo Club & Resort. These developments sprawl over a total 140 million square foot of land, boasting a combined development value of AED 96 billion (US$ 26 billion). These developments are poised to not only elevate Emaar’s sales and profitability in the coming years but also leave a profound impact on Dubai’s luxury living experiences.