Revenues of 5 real estate companies listed on Dubai Financial Market rise 27.6% in 6 months

The revenues of five real estate companies listed on the Dubai Financial Market rose 27.6% to more than AED 23.8 billion during the first half of this year, compared to about AED 18.65 billion during the same period last year, driven by strong growth in the real estate and tourism sectors.

According to the disclosures announced on the Dubai Financial Market website, Emaar Properties came in first place, after recording revenues of AED 14.407 billion at the end of the first half of this year, up from AED 12.268 billion recorded at the end of the same period last year, while achieving net profits of about AED 5.34 billion, an increase of 8% compared to the same period in 2023, thanks to sustainable revenues with improved profit margins and continued control of expenses, in addition to the strong performance of projects that depend on recurring revenues and the recovery of tourism.

Emaar Development, majority owned by Emaar Properties, maintained its strong momentum during the first half of this year, recording revenues of AED 7.338 billion, an increase of 65% from AED 4.455 billion achieved by the company at the end of the same period last year. It also recorded a growth in net profits for the half year by 15% to reach AED 2.501 billion, while it recorded net profits before deducting taxes, interest, depreciation and amortization of AED 2.828 billion, an increase of 30%.

In turn, TECOM Group, which owns and operates specialized business complexes focusing on vital sectors, succeeded in achieving a 9% increase in revenues by the end of the first half of this year, reaching AED 1.148 billion, compared to AED 1.048 billion in revenues recorded by the group in the same period in 2023.

The group’s net profit increased by 24% to AED 603 million, driven by strong demand for the group’s commercial and industrial properties, Dubai’s strong macroeconomic environment, growing business landscape and customer confidence.

For its part, Deyaar Development Company achieved a 6% increase in revenues from AED 628.9 million at the end of the first half of last year to AED 664.4 million at the end of the first half of 2024, while recording a growth in net profits for the half year by 59% to reach AED 188.7 million, while achieving net profits before deducting taxes, interest and depreciation of AED 202.6 million, an increase of 71%. Union Properties Company’s revenues increased by 10% to AED 265.8 million from AED 240.8 million, thanks to the strong improvement in the performance of the group’s subsidiaries and the continued growth witnessed by the real estate sector in the UAE, while the group’s net profits increased by 97% to AED 34.8 million, compared to profits of AED 17.7 million.