Emaar reports record-breaking financial performance in 2024

February 17, 2025 (MLN): Emaar Properties PJSC has delivered its strongest financial performance to date, demonstrating operational efficiency, construction excellence, and an unwavering commitment to customer satisfaction.

In 2024, the company achieved record-breaking property sales of approximately AED 70 billion ($ 19bn), marking a 72% increase from 2023.

This surge propelled its revenue backlog from property sales to over AED 110bn ($ 30bn), ensuring sustained revenue growth in the coming years.

Emaar recorded its highest-ever revenue of AED 35.5bn ($ 9.6bn), a 33% increase from the previous year, alongside a record net profit before tax of AED 18.9bn ($ 5.1bn), reflecting a 25% year-on-year growth.

In December 2024, Emaar announced a new dividend policy and its highest-ever proposed dividend of 100% of share capital, amounting to AED 8.8bn, doubling the figure from 2023.

The company also expanded its business footprint by acquiring 141mn square feet of prime development land in Dubai, with a total development value of AED 96bn.

Emaar prioritized customer satisfaction by repairing homes affected by unprecedented rain at its own cost, reflecting its customer-centric approach.

Additionally, the company invested in training young UAE talent and optimized costs through efficient resource management and innovation, as Properities Emaar reported.

Sustainability remained a key focus, with initiatives centered around resource use, waste management, water stewardship, and responsible sourcing.

Mohamed Alabbar, founder of Emaar, expressed his satisfaction with the company’s performance, attributing its success to a commitment to excellence, operational efficiency, and an unwavering focus on customer needs.

He emphasized the role of Dubai’s proactive economic strategies in driving Emaar’s growth and reaffirmed the company’s commitment to expanding its shopping malls, hotels, and property sales in 2025.

Emaar Development PJSC (DFM: EMAARDEV) sustained strong sales momentum, launching 62 new projects across master plans in the UAE.

The company recorded property sales of AED 65.4bn ($ 17.8bn), up 75% from 2023.

Revenue for 2024 reached AED 19.1bn ($ 5.2bn), marking a 61% increase, while net profit before tax rose by 20% to AED 10.2bn ($ 2.8bn).

Consolidated revenue from Emaar’s UAE property development business, including Dubai Creek Harbour, reached AED 23.5bn ($ 6.4bn).

The backlog from UAE property sales climbed 65% year-on-year to AED 102.7bn ($ 28bn).

Emaar’s shopping malls, retail, and commercial leasing segment generated AED 5.6bn ($ 1.5bn) in revenue, with EBITDA reaching AED 4.7bn ($ 1.3bn).

Dubai Mall, the world's most visited destination for the second consecutive year, welcomed 111mn visitors, a 6% increase over 2023.

Emaar announced an AED 1.5bn expansion of the mall, introducing 240 new luxury stores and dining outlets.

Internationally, Emaar’s real estate operations achieved AED 4.1bn ($ 1.1bn) in property sales, a 40% increase from 2023, with revenues totaling AED 2.7bn ($ 735mn), driven by strong performance in Egypt and India.

The hospitality, leisure, and entertainment division generated AED 3.7bn ($ 1bn) in revenue, benefiting from tourism recovery and strong domestic spending.

Emaar expanded its hotel portfolio by adding four new properties with 500 keys, maintaining an average occupancy rate of 79% in UAE hotels.

Emaar’s recurring revenue portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, recorded AED 9.3bn ($ 2.5bn) in revenue, an 8% increase from 2023.

The EBITDA from these businesses totaled AED 7.1bn ($ 1.9bn), contributing 37% of Emaar’s total EBITDA in 2024.

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