Dubai – Mubasher: Emaar Properties released its financial results for the first half (H1)of 2024, reflecting total revenues valued at AED 14.40 billion ($3.90 billion), according to the income statements.
The generated revenues were higher by 17% year-on-year (YoY), driven by sustained investors’ confidence and robust demand in Dubai’s real estate market.
Net profits before tax hiked by 33% YoY to AED 7.80 billion ($2.10 billion) in January-June 2024.
Emaar Properties achieved a 24% growth in EBITDA, which rose to AED 8 billion ($2.20 billion) during H1-24.
In the first six months (6M) of 2024, Emaar Properties registered 56% YoY higher property sales at AED 31.50 billion ($8.60 billion).
This robust momentum in property sales further expanded Emaar's revenue backlog from property sales, which hit AED 90.10 billion ($24.50 billion) at the end of June 2024, up 43% from June 2023 and 15% from March 2024.
Mohamed Alabbar, Founder of Emaar Properties, commented: "Emaar delivered remarkable results in the first half of the year, reflecting our commitment to long-term success and customer satisfaction. Our strategic investments in key locations and other major assets have yielded impressive returns."
In the first quarter (Q1) of 2024, Emaar reported its highest-ever quarterly group property sales at AED 13.50 billion ($3.70 billion).
