#Dubai's Emaar Properties, Emaar Development see H1 net profit rise as property sales surge

Dubai's Emaar Properties, Emaar Development see H1 net profit rise as property sales surge

Dubai-based Emaar Properties PJSC posted an H1 2024 net profit attributable to shareholders of 5.34 billion dirhams ($1.45 billion), up 8% compared year-on-year (YoY) on rising retail sales amid higher demand for real estate in Dubai.

Revenue came to AED14.4 billion, 17% higher on year, it said in a DFM disclosure on Thursday.

Emaar's property sales backlog reached AED 90.1 billion as of end June 2024 and is set to further boost future revenue, the company said.

Emaar Development

Emaar Development PJSC, the property development company specialising in build-to-sell properties is majority-owned by Emaar Properties. It made a net profit of AED 2.50 billion, an increase of 15% compared to the same period in 2023.

Emaar Development's sales backlog has increased to AED 74.2 billion, representing future revenue from property sales that will be recognised over the next 4-5 years, it added.