Property Sales recorded spectacular 72% enhance amounting to ~AED 70 billion (US$ 19 billion); Backlog crosses AED 110 billion (US$ 30 billion)
- Revenue elevated by 33% to AED 35.5 billion (US$ 9.6 billion)
- EBITDA surged to a powerful AED 19.3 billion (US$ 5.2 billion), reflecting a exceptional margin of 54%
- Net revenue earlier than tax elevated by 25% to AED 18.9 billion (US$ 5.1 billion)
In 2024, Emaar Properties PJSC (DFM: EMAAR) delivered its strongest efficiency ever, pushed by a daring dedication to problem typical limits. This achievement underscores the group’s operational effectivity, steadfast work ethic, customer-centric strategy, building excellence, and revolutionary spirit.
Key Highlights of the Annual Results:
- Sales Growth: Emaar achieved its highest ever property gross sales of ~AED 70 billion (US$ 19 billion); a rise of 72% over 2023 gross sales of AED 40.3 billion (US$11 billion).
- Backlog Growth: Bolstered by document property gross sales in 2024, the group’s income backlog from property gross sales surpassed AED 110 billion (US$ 30 billion) as of 31 December 2024 – marking a 55% enhance from 2023 and indicating strong income progress for the approaching years.
- Revenue Growth: Emaar recorded highest ever Revenue amounting to AED 35.5 billion (US$ 9.6 billion) in 2024, a 33% enhance in comparison with the earlier 12 months.
- Profitability: The firm additionally recorded its highest ever Net Profit (earlier than tax) at AED 18.9 billion (US$ 5.1 billion); a rise of 25% as in comparison with 2023.
- Dividend: In December 2024, Emaar introduced a brand new dividend coverage in addition to its highest ever proposed dividend of 100% of share capital for 2024 amounting to AED 8.8 billion, a rise of 100% from 2023.
- Business Expansion: Acquired 141 million sq. ft of growth land in prime space in Dubai with a complete growth worth of AED 96 billion in the course of the 12 months.
- Customer Satisfaction: In 2024, Emaar repaired all houses affected by unprecedented rain at its personal price. Our outcomes are because of this unwavering deal with the client necessities, product and repair high quality to attain highest buyer satisfaction.
- Young Talent growth for future: Investing in our folks is a precedence. We are dedicated to offering coaching and growth alternatives to nurture younger UAE National expertise, foster a tradition of excellence and get them able to take management roles in Emaar in close to future.
- Focus on price and efficiencies: The Group is enthusiastic about managing its prices in most effective and optimised method. The prices are maintained even with considerably elevated enterprise via environment friendly use of sources and innovation.
- Sustainability: The Group is establishing an in depth technique in respect of sustainability, and we deal with useful resource use, waste administration, water stewardship, and accountable sourcing whereas selling environmental duty via numerous initiatives.
Mohamed Alabbar, founding father of Emaar, acknowledged, “We are actually happy with our 2024 outcomes which is a results of us pushing our limits, doubling our targets, attaining the perfect efficiencies and dealing onerous with full deal with our prospects. Our success is a results of the belief and confidence of our prospects and our utmost efforts to transcend the norm when it comes to our product design, supply high quality, superior upkeep of our communities and efficient customer support.
The firm’s progress additionally displays the emirate’s proactive financial methods and its dedication to positioning Dubai as a world hub for innovation and funding.
With these outcomes, we stay up for a continued constructive efficiency in our purchasing centres, motels, and property gross sales in 2025. We stay dedicated to unveiling revolutionary initiatives and unparalleled choices throughout all our enterprise divisions.”
UAE Build-To-Sell Property Development
Emaar Development PJSC (DFM: EMAARDEV), sustained its property gross sales momentum in 2024. With the profitable launch of 62 new initiatives throughout all grasp plans within the UAE, Emaar’s property growth enterprise within the UAE achieved property gross sales of AED 65.4 billion (US$ 17.8 billion), reflecting a progress of 75% in comparison with 2023.
In 2024, Emaar Development reported income of AED 19.1 billion (US$ 5.2 billion) with 61% enhance over 2023 and achieved Net Profit earlier than Tax of AED 10.2 billion (US$ 2.8 billion), marking a 20% progress in comparison with 2023. The consolidated income of Emaar Properties from its property growth enterprise within the UAE throughout 2024 reached AED 23.5 billion (US$ 6.4 billion), together with Dubai Creek Harbour.
Revenue backlog from property gross sales within the UAE elevated to AED 102.7 billion (US$ 28 billion) as of 31 December 2024, representing a Y-o-Y progress of round 65%.
Shopping Mall, Retail, and Commercial Leasing
Emaar’s purchasing malls, retail, and industrial leasing operations recorded income of AED 5.6 billion (US$ 1.5 billion) in 2024. During the identical interval, the portfolio achieved an EBITDA of AED 4.7 billion (US$ 1.3 billion). This efficiency is primarily attributed to strong progress in tenant gross sales, which noticed a rise of over 7% in comparison with 2023 and elevated occupancy. Our mall property achieved a median occupancy of 98.5% as of 31 December 2024. Dubai Mall recorded a footfall of 111 million in the course of the 12 months, a rise of round 6% over 2023, changing into essentially the most visited place on Earth for the second consecutive 12 months.
In 2024, Emaar Properties introduced a monumental growth of Dubai Mallwith an funding of AED 1.5 billion and together with 240 new luxurious shops and meals and beverage shops.
Emaar International
Emaar’s worldwide actual property operations recorded property gross sales of AED 4.1 billion (US$ 1.1 billion) in 2024, a rise of 40% over 2023. The income amounted to AED 2.7 billion (US$ 735 million). The efficiency of worldwide operations in 2024 was primarily pushed by Egypt & India. Revenues from worldwide actual property operations characterize ~8% of Emaar’s complete income in 2024.
Hospitality, Leisure, and Entertainment
In 2024, Emaar’s hospitality, leisure, and leisure divisions recorded revenues of AED 3.7 billion (US$ 1 billion). This progress was pushed by a constant restoration within the tourism trade, coupled with robust home spending. Emaar’s UAE motels elevated its common occupancy to 79% and sustained its ADRs degree. Emaar expanded its assortment of motels, each domestically and internationally, and added 4 motels with round 500 keys in 2024.
Recurring Revenue
Emaar’s numerous and sustainable revenue-generating portfolio, encompassing malls, hospitality, leisure, leisure, and industrial leasing, achieved constructive leads to 2024. The portfolio recorded revenues totalling AED 9.3 billion (US$ 2.5 billion), showcasing a progress of greater than 8% in comparison with the earlier 12 months (excluding Namshi, offered in February 2023 and one-off income adjustment in 2023) and an EBITDA of AED 7.1 billion (US$ 1.9 billion). EBITDA from this portfolio constituted 37% of Emaar’s complete EBITDA in 2024.