Emaar Development has reported a 56% increase in property sales during the first half of 2024. The company’s sales has grown to US$20.2 billion, which is expected to contribute significantly to future revenue.
Sales reached AED29.7 billion (US$8.1 billion), up from AED19 billion (US$5.2 billion) in the same period in 2023. This performance is largely attributed to the successful launch of new properties, which have strengthened the company’s revenue pipeline and aligned with its strategic goals.
Emaar has also announced key milestones for the first half of 2024, including a surge in real estate sales, the awarding of US$2.4 billion in construction contracts, the repair of 4,500 rain-damaged homes, and continued growth at the Dubai Mall. The company has launched several new luxury projects during this period.
Mohamed Alabbar, the Founder, remarked, “Emaar’s remarkable resilience and outstanding performance in the first half of 2024 underscore our strategic expertise and the dedication of our team. The growing backlog reflects the strong trust our customers place in us. We remain committed to enhancing operational efficiencies and adhering to our strategic vision, delivering exceptional value to our shareholders, and contributing to Dubai’s economic growth.”
Emaar’s recent acquisition of a 60 million square foot land plot near The Oasis masterplan, valued at AED41 billion (US$11 billion), builds on its previous purchase of 81 million square feet in December 2023. The company has announced two major developments on these lands: The Heights Country Club & Wellness and the Grand Polo Club & Resort, which together cover 141 million square feet with a development value of AED96 billion (US$26 billion).
In the second quarter of 2024, Emaar also launched the second phase of its masterplan, ‘The Valley’. These initiatives align with Emaar’s strategy to offer luxury living experiences and are expected to boost sales and profitability through the launch of villas and townhouses.
For the first half of 2024, Emaar reported revenue of AED7.3 billion (US$2 billion) and an EBITDA of AED3.4 billion (US$922 million), representing increases of 65% and 47% respectively, compared to the same period in 2023. The company’s sales backlog of AED74.2 billion (US$20.2 billion) will continue to drive future revenue growth.
Published On: 8 Aug 2024
Source: https://www.arabianbusiness.com/markets/equities/results/emaar-development-sees-56-rise-in-property-sales-in-first-half-of-2024
