Dubai’s Emaar Properties PJSC announced a 3% rise in nine-month net profit for 2024, reaching AED8.52 billion ($2.3 billion), driven by strong retail sales and robust real estate demand. The company reported revenue of AED23.8 billion for the period.
Property sales surged 60% year-on-year to AED50 billion. Emaar’s revenue backlog from these sales stands at over AED100 billion as of September 30, 2024, with revenue set to be recognized over the next four to five years, according to the developer of Burj Khalifa.
Emaar Development Highlights
Emaar Development PJSC, a subsidiary focused on build-to-sell properties and majority-owned by Emaar Properties, achieved a net profit of AED4.57 billion, a 13% increase from last year. Revenue grew by 69% to AED12.48 billion as property sales climbed 66% year-on-year, reflecting sustained demand in the Dubai real estate market.
