Emaar Properties (DFM: EMAAR) has reported its strongest performance to date for 2024, marking a significant milestone in the company’s growth. The results reflect the company’s unwavering focus on operational excellence, customer satisfaction, and innovative real estate development.
Emaar sales growth soars
In 2024, Emaar achieved its highest-ever property sales, reaching approximately Dhs 70 billion (US$ 19 billion), a 72% increase compared to Dhs 40.3 billion (US$ 11 billion) in 2023. This impressive sales growth underpins Emaar’s strong position in the property market.
Strong backlog growth
Driven by its record sales, Emaar’s property sales backlog surpassed Dhs 110 billion (US$ 30 billion) as of December 31, 2024. This marks a 55% year-on-year increase and sets the stage for future revenue growth.
Revenue and profit surge
Emaar recorded a total revenue of Dhs 35.5 billion (US$ 9.6 billion) in 2024, a 33% increase from the previous year. Net profit before tax reached Dhs 18.9 billion (US$ 5.1 billion), up by 25% compared to 2023.
Record dividend announcement
In a landmark decision, Emaar announced its highest-ever proposed dividend of Dhs 8.8 billion, a 100% increase from the previous year, in line with its new dividend policy.
Land acquisition and expansion
Emaar expanded its land holdings in 2024, acquiring 141 million square feet of prime development land in Dubai, with a total development value of Dhs 96 billion. This expansion is part of the company’s ongoing commitment to growth and strategic investment in the region.
Customer satisfaction and excellence
Emaar’s customer-centric approach was evident in 2024, with the company repairing homes affected by unexpected rainfall at its own cost. The company’s focus on quality products and services has driven its high levels of customer satisfaction.
Investing in young talent
Emaar is also committed to nurturing future talent, with a focus on training and development for UAE Nationals. The company aims to equip young professionals for leadership roles, ensuring its continued success.
Focus on efficiency and cost management
Despite increased business, Emaar has maintained cost efficiency through resource optimization and innovative strategies. The company’s ability to manage costs effectively has contributed to its strong profitability.
Sustainability efforts
Emaar is establishing a comprehensive sustainability strategy, focusing on resource use, waste management, water stewardship, and responsible sourcing, alongside various environmental initiatives.
Mohamed Alabbar’s statement
Mohamed Alabbar, founder of Emaar, expressed satisfaction with the company’s 2024 results: “Our success reflects our determination to push limits, double our targets, and focus on our customers. This success is thanks to our customers’ trust and our continuous efforts to exceed expectations in product design, quality, and service.”
Alabbar also highlighted the broader impact on Dubai’s economy, emphasizing the emirate’s proactive economic strategies and its vision of becoming a global hub for innovation and investment.
Emaar Development performance
Emaar Development PJSC (DFM: EMAARDEV) continued to drive growth in the UAE, achieving property sales of Dhs 65.4 billion (US$ 17.8 billion) in 2024, a 75% increase from 2023. Revenue for the property development business in the UAE reached Dhs 23.5 billion (US$ 6.4 billion), including Dubai Creek Harbour.
Mall and retail growth
Emaar’s shopping malls and retail operations saw significant growth in 2024, with revenue reaching Dhs 5.6 billion (US$ 1.5 billion). The Dubai Mall alone recorded a footfall of 111 million visitors, becoming the most visited place on Earth for the second consecutive year. Additionally, Emaar is investing Dhs 1.5 billion in expanding Dubai Mall with 240 new luxury stores and dining outlets.
International expansion
Emaar’s international real estate operations saw property sales increase by 40%, totaling Dhs 4.1 billion (US$ 1.1 billion). Revenue from international operations amounted to Dhs 2.7 billion (US$ 735 million), with growth driven by projects in Egypt and India.
Hospitality and leisure growth
Emaar’s hospitality division recorded revenues of Dhs 3.7 billion (US$ 1 billion) in 2024, driven by increased tourism and strong domestic spending. The company also expanded its hotel portfolio with four new properties in the UAE and internationally.
Recurring revenue performance
Emaar’s diverse portfolio, which includes malls, hospitality, and commercial leasing, achieved a total of Dhs 9.3 billion (US$ 2.5 billion) in revenue, marking an 8% growth. This steady revenue stream contributed to 37% of Emaar’s total EBITDA in 2024.
tanvir@dubainewsweek.com
