Dubai developer Emaar Properties showed consistent performance across its various businesses for the first quarter of 2024, recording revenues of US $1.8bn, and net profit before tax of $1.2bn, which grew by 16% compared to the same period last year.
Announcing its results for the three-month period ended 31 March 2024, Emaar said this growth was supported by incremental property sales; its revenue backlog from property sales reached $21.3bn as of March 2024, growing by 9% from December 2023. The backlog represents future revenue from property sales to be recognised over the next 4-5 years.
Emaar said it achieved its highest-ever quarterly group property sales in Q1, totalling $3.7bn, reflecting a robust 47% growth compared to Q1 2023.
On the solid performance, Founder Mohamed Alabbar said, “Emaar started the year with a strong performance, which reflects our focused approach towards sustainable growth and our commitment to customer satisfaction. Our investments have been strategic and result-oriented, leading to solid returns. We are driven by a clear strategy and a pragmatic approach to business, ensuring we add more value for our stakeholders.”
“Our confidence in executing our business plans remains high, and we continue to play a crucial role in the economic landscape of Dubai and beyond,” he concluded.
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