Q1 net profit increases by 15% as revenue soars to .8bn

Emaar Properties, one of Dubai’s leading master-developers, reported a strong performance in the first quarter of the year, with a net profit increase of 15% and revenue soaring to .8 billion.

The company’s consistent resilient performance and operational efficiency across its various businesses led to revenues of AED6.7 billion (.8 billion) and a net profit before tax of AED4.3 billion (.2 billion), showing a 16% growth compared to the same period last year.

Emaar attributed this growth to incremental property sales, with a revenue backlog reaching AED78.3 billion (.3 billion) as of March 2024, a 9% increase from December 2023. This backlog represents future revenue from property sales to be recognized over the next 4-5 years.

The company achieved its highest ever quarterly group property sales in Q1, amounting to AED13.5 billion (.7 billion), reflecting a robust 47% growth compared to the same period in 2023.

Founder Mohamed Alabbar expressed satisfaction with the company’s performance, emphasizing their strategic investments and commitment to customer satisfaction. He stated that Emaar’s clear strategy and pragmatic approach to business ensure the addition of value for stakeholders. Alabbar also highlighted the company’s confidence in executing business plans and its continued role in the economic landscape of Dubai and beyond.