Emaar Records 56% Growth In Property Sales, Hitting $8.6 Billion In H1 2024

In H1 2024, Emaar's hospitality, leisure, and entertainment divisions generated $490 million in revenue, marking a 9% increase from H1 2023. The growth was driven by the steady rise in tourism and strong domestic spending. Emaar's UAE hotels, including those under management, reported an average occupancy of 78% during this period. Additionally, Emaar expanded its hotel portfolio by adding four new hotels with around 500 keys.

Emaar Properties has announced its financial results for the first half of 2024, highlighting consistent performance and operational efficiency across its various sectors.

Emaar recorded total revenue of $3.9 billion and a net profit before tax of $2.1 billion, achieving growth of 17% and 33% respectively over the same period last year. The improved performance was driven by sustained investor confidence and robust demand in Dubai's real estate market, strong project execution capability, as well as continued growth in tourism and retail sales. Emaar's strategy to improve profit margins and optimise operational efficiencies resulted in a 24% growth in EBITDA, which rose to $2.2 billion in H1 2024.

Malls and commercial leasing operations of Emaar reported revenue of $760 million and achieved an EBITDA of $626 million in H1 2024. During the first half of the year, retail sales performance of tenants grew by over 7% compared to the same period last year. Emaar Malls' prime assets boasted nearly full occupancy at almost 99 as of June end.

Emaar outperformed its Q1 group property sales in Q2, resulting in record group property sales for H1 at $8.6 billion, a significant increase of 56% compared to H1 last year. This momentum expanded Emaar's revenue backlog from property sales to $24.5 billion by June end, up by 43% from June last year and by 15% from March this year.

Commenting on the strong performance, Mohamed Alabbar said: "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. With a clear vision and pragmatic approach, we maximise value for our stakeholders."

Emaar Development PJSC, a majority-owned subsidiary, launched twenty-five projects across various masterplans during H1 and achieved record property sales of $8.1 billion, reflecting a growth of 56% over H1 last year.

The consolidated revenue from Emaar Properties' UAE property development business reached $2.5 billion during H1, including Dubai Creek Harbour projects.

During H1, Emaar's international real estate operations reported property sales of $490 million, growing by half compared to H1 last year. Driven by operations in Egypt and India, international real estate operations recorded revenue of $220 million, representing six percent of Emaar's total revenue.

In June this year, Emaar Malls announced an investment worth $408 million to expand Dubai Mall with an addition of 240 new shops expected to attract more visitors with varied luxury retail options.

Emaar's recurring revenue-generating portfolio includes malls, hospitality, leisure, entertainment, and commercial leasing sectors that collectively generated revenue worth $1.3 billion during H1 this year representing 32% of total revenue.

The backlog from UAE property sales reached $22.4 billion, 33% higher than December last year which will be recognised as future revenue over the coming years.

In the first half-year period alone Dubai Mall received 55 million visitors marking an 8% increase from the same period last year continuing its momentum from becoming most visited place on Earth with 105 million visitors recorded last year.