Dubai – Mubasher: Emaar Properties delivered resilient performance and operational efficiency across its various businesses during the first quarter (Q1) of 2024, according to a press release.
The revenues stood at AED 6.70 billion ($1.80 billion) in Q1-24, while the net profits before tax increased by 16% year-on-year (YoY) to AED 4.30 billion ($1.20 billion).
In the first three months (3M) of 2024, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 9% YoY to AED 4.40 billion ($1.20 billion).
Emaar achieved its highest-ever quarterly group property sales in Q1-24 of AED 13.50 billion ($3.70 billion), reflecting an annual leap of 47%.
Furthermore, the revenue backlog from property sales reached AED 78.30 billion ($21.30 billion) as of 31 March 2024, higher by 9% than December 2023.
Mohamed Alabbar, Founder of Emaar, said: "Emaar started the year with a strong performance, which reflects our focused approach towards sustainable growth and our commitment to customer satisfaction."
In 2023, the group’s revenues surged by 7% YoY to AED 26.70 billion ($7.30 billion).
