Emaar Properties earned AED14.4 billion in revenue in the first half of 2024.

Emaar Properties has announced its financial results for the first half of 2024. The company reported total revenue of AED 14.4 billion ($3.9 billion) and a net profit before tax of AED 7.8 billion ($2.1 billion), marking a 17% and 33% growth, respectively, compared to the same period last year.

In a statement released on Thursday, the company attributed its improved performance to sustained investors' confidence and strong demand in Dubai's real estate market, as well as robust project execution capability and continued growth in tourism and retail sales.

Emaar's strategy to enhance profit margins and optimize operational efficiencies led to a 24% growth in EBITDA, which reached AED 8 billion ($2.2 billion) in the first half of 2024.

Emaar surpassed its Q1 2024 group property sales in Q2 2024, resulting in record group property sales in the first half of 2024, totaling AED 31.5 billion ($8.6 billion), a 56% increase compared to the first half of 2023.

The strong momentum in property sales expanded Emaar's revenue backlog from property sales to AED 90.1 billion ($24.5 billion) at the end of June 2024, marking a 43% increase from June 2023 and a 15% increase from March 2024.

This backlog represents future revenue from property sales that will be recognized over the next 4-5 years, indicating sustained profitability.

Mohamed Alabbar, Founder and Managing Director of Emaar Properties, commented on the results, stating, "Our strategic investments in key locations and other major assets have yielded impressive returns. We are confident in executing our business strategies and proud of our significant contribution to Dubai's economic landscape, reinforcing its global leading position."