Dubai – Mubasher: Emaar Development registered a 56% increase in property sales to AED 29.70 billion ($8.10 billion) in the first half (H1) of 2024, compared to AED 19 billion ($5.20 billion) in H1-23.
This performance was attributed to Emaar Development's successful property launches, which created a strong revenue pipeline for the future, according to a press release.
In the H1-24 period, Emaar Development posted revenues amounting to AED 7.30 billion ($2 billion), marking a 65% year-on-year (YoY) leap.
Meanwhile, the EBITDA hiked by 47% YoY to AED 3.40 billion ($922 million).
The group currently has a sales backlog of AED 74.20 billion ($20.20 billion), which will be recognised as revenue in the coming years.
During the January-June 2024 period, Emaar acquired a land plot measuring 60 million square feet near The Oasis masterplan, with a development value of AED 41 billion ($11 Billion). The transaction aligned with the 81 million square feet of land purchased in December 2023 in the same vicinity.
Emaar also launched The Heights Country Club & Wellness and Grand Polo Club & Resort, exceeding 141 million square feet of land, with a combined development value of AED 96 billion ($26 billion).
Founder of Emaar, Mohamed Alabbar, said: "In H1-24, Emaar has demonstrated remarkable resilience and outstanding performance. Our financial results highlight our strategic acumen and the dedication of our entire team.”
Alabbar indicated: “By continuing to enhance operational efficiencies and being firm to our strategic vision, we are committed to delivering exceptional value to our shareholders and contributing meaningfully to Dubai's economic growth.”
The DFM-listed company reported property sales worth AED 12.90 billion ($3.50 billion) as of 31 March 2024, an annual surge of 50% from AED 8.60 billion ($2.30 billion).
