Emaar reports $9.6bn revenue and $5.1bn profit after record year

Emaar Properties delivered its strongest performance ever, driven by a bold determination to challenge conventional limits.

This achievement underscores the group’s operational efficiency, steadfast work ethic, customer-centric approach, construction excellence, and innovative spirit.

Emaar results

Key highlights of the annual results, include:

• Sales Growth: Emaar achieved its highest ever property sales of around AED70bn ($19bn); an increase of 72 per cent over 2023 sales of AED 40.3bn ($11bn)
• Backlog Growth: Bolstered by record property sales in 2024, the group’s revenue backlog from property sales surpassed AED110bn ($30bn) as of December 21, 2024 – marking a 55 per cent increase from 2023 and indicating robust revenue growth for the coming years
• Revenue Growth: Emaar recorded highest ever Revenue amounting to AED35.5bn ($9.6bn) in 2024, a 33 per cent increase compared to the previous year
• Profitability: The company also recorded its highest ever Net Profit (before tax) at AED18.9bn ($ 5.1bn); an increase of 25 per cent as compared to 2023
• Dividend: In December 2024, Emaar announced a new dividend policy as well as its highest ever proposed dividend of 100 per cent of share capital for 2024 amounting to AED8.8bn, an increase of 100 per cent from 2023
• Business Expansion: Acquired 141 million square feet of development land in prime area in Dubai with a total development value of AED96bn during the year
• Customer Satisfaction: In 2024, Emaar repaired all homes affected by unprecedented rain at its own cost. Our results are due to this unwavering focus on the customer requirements, product and service quality to achieve highest customer satisfaction

Mohamed Alabbar, founder of Emaar, said: “We are really pleased with our 2024 results which is a result of us pushing our limits, doubling our targets, achieving the best efficiencies and working hard with complete focus on our customers.

“Our success is a result of the trust and confidence of our customers and our utmost efforts to go beyond the norm in terms of our product design, delivery quality, superior maintenance of our communities and effective customer service.

“The company’s progress also reflects the emirate’s proactive economic strategies and its dedication to positioning Dubai as a global hub for innovation and investment.

“With these results, we look forward to a continued positive performance in our shopping centres, hotels, and property sales in 2025. We remain committed to unveiling innovative projects and unparalleled offerings across all our business divisions.”

UAE build-to-sell property development

Emaar Development sustained its property sales momentum in 2024. With the successful launch of 62 new projects across all master plans in the UAE, Emaar’s property development business in the UAE achieved property sales of AED65.4bn ($17.8bn), reflecting a growth of 75 per cent compared to 2023.

In 2024, Emaar Development reported revenue of AED19.1bn ($5.2bn) with 61 per cent increase over 2023 and achieved Net Profit before Tax of AED10.2bn ($2.8bn), marking a 20 per cent growth compared to 2023.

The consolidated revenue of Emaar Properties from its property development business in the UAE during 2024 reached AED23.5bn ($6.4bn), including Dubai Creek Harbour.

Revenue backlog from property sales in the UAE increased to AED102.7bn ($28bn) as of 31 December 2024, representing a Y-o-Y growth of around 65 per cent.

Shopping mall, retail, and commercial leasing

Emaar’s shopping malls, retail, and commercial leasing operations recorded revenue of AED5.6bn ($1.5bn) in 2024.

During the same period, the portfolio achieved an EBITDA of AED4.7bn ($1.3bn). This performance is primarily attributed to robust growth in tenant sales, which saw an increase of over 7 per cent compared to 2023 and increased occupancy.

Mall assets achieved an average occupancy of 98.5 per cent as of December 31, 2024. Dubai Mall recorded a footfall of 111 million during the year, an increase of around 6 per cent over 2023, becoming the most visited place on Earth for the second consecutive year.

In 2024, Emaar Properties announced a monumental expansion of Dubai Mall with an investment of AED1.5bn ($408m) and including 240 new luxury stores and food and beverage outlets.

Emaar International

Emaar’s international real estate operations recorded property sales of AED4.1bn ($1.1bn) in 2024, an increase of 40 per cent over 2023.

The revenue amounted to AED2.7bn ($735m). The performance of international operations in 2024 was primarily driven by Egypt & India. Revenues from international real estate operations represent around 8 per cent of Emaar’s total revenue in 2024.

Hospitality, leisure, and entertainment

In 2024, Emaar’s hospitality, leisure, and entertainment divisions recorded revenues of AED3.7bn ($1bn).

This growth was driven by a consistent recovery in the tourism industry, coupled with strong domestic spending. Emaar’s UAE hotels increased its average occupancy to 79 per cent and sustained its ADRs level.

Emaar expanded its collection of hotels, both domestically and internationally, and added 4 hotels with around 500 keys in 2024.

Recurring revenue

Emaar’s diverse and sustainable revenue-generating portfolio, encompassing malls, hospitality, leisure, entertainment, and commercial leasing, achieved positive results in 2024.

The portfolio recorded revenues totalling AED9.3bn ($2.5bn), showcasing a growth of more than 8 per cent compared to the previous year (excluding Namshi, sold in February 2023 and one-off revenue adjustment in 2023) and an EBITDA of AED7.1bn ($1.9bn).

EBITDA from this portfolio constituted 37 per cent of Emaar’s total EBITDA in 2024.