11 billion dirhams in profits for “Emaar Properties” in 9 months

Emaar Properties announced strong results in 9 months, recording total revenues of 23.8 billion dirhams ($6.5 billion), a growth of 30%, and net profits before taxes of 12.4 billion dirhams ($3.4 billion), a growth of 24%.
Net profit increased by 12% to 11.04 billion dirhams in the 9 months since the beginning of 2024, from 9.8 billion in the comparison period, while profits attributable to shareholders increased by 3% to 8.5 billion dirhams.
This performance is driven by the strong demand witnessed by the real estate market in Dubai, the company’s high efficiency in implementing projects, the growing confidence of investors, in addition to the continued growth in the tourism and retail sales sectors in Dubai.
Emaar’s strategy aimed at improving profit margin and enhancing operational efficiency led to achieving a 17% growth in earnings before interest, taxes, depreciation and amortization, with profits reaching 12.6 billion dirhams ($3.4 billion) during the first nine months of 2024, which reflects Emaar’s commitment to delivering projects Distinctive and enhance value for customers and shareholders alike.

Emaar’s real estate sales continued their upward trajectory, reaching 50 billion dirhams ($13.6 billion) during the first nine months of 2024, an increase of 60% compared to the same period last year.
This strong performance also contributed to an increase in revenues from accumulated real estate sales from projects under construction, which exceeded 100 billion dirhams ($27.2 billion) by the end of September 2024, an increase of 45% compared to September 2023 and 12% compared to June 2024. These accumulated sales will be calculated of projects in progress as revenues over the next four to five years, reflecting the group’s sustainable profitability.
Mohamed Alabbar said: “The strong performance achieved by Emaar during the first nine months of 2024 indicates its ability to adapt and excel in light of the continuous changes witnessed in global markets. By strategically investing in prime locations and launching innovative projects, we continue to redefine the concept of luxury living and elevate the lifestyle experience for our customers. As we approach the end of the year, we focus on using our strengths to take advantage of new opportunities and drive sustainable growth in all sectors.”