Dubai: Emaar Group announced its highest-ever quarterly group property sales of Dh13.5 billion in the first quarter of 2024, a 47 per cent growth compared to Q1-2023.
Emaar recorded revenues of Dh6.7 billion ($1.8 billion) and net profit of Dh4.3 billion ($1.2 billion), which grew by 16 per cent compared to the same period last year. EBITDA grew by 9 per cent to Dh4.4 billion ($1.2 billion) compared to Q1-2023.
Supported by incremental property sales, Emaar's revenue backlog from property sales reached Dh78.3 billion ($21.3 billion) as of March 2024, growing by 9 per cent from December 2023.
Commenting on the first quarter's results, Mohamed Alabbar said: "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."
UAE build-to-sell property development
Emaar Development, a majority-owned subsidiary, successfully launched 10 projects across various masterplans and achieved its highest-ever quarterly property sales of Dh12.9 billion ($3.5 billion) during the first quarter of 2024, reflecting a 50 per cent growth over Q1-2023.
In Q1 2024, Emaar Development demonstrated healthy financial performance, with revenues reaching Dh3.5 billion ($953 million) and recorded EBITDA of Dh1.7 billion ($463 million), marking a 48 per cent increase from Q1-2023.
Emaar Properties reported consolidated revenue of Dh4.1 billion ($1.1 billion) from its property development business in the UAE, including Dubai Creek Harbour.
During the first quarter of 2024, Emaar announced the launch of two new developments: The Heights Country Club & Wellness and Grand Polo Club & Resort.
These developments sprawl over 140 million square feet of land, boasting a combined development value of Dh96 billion ($26 billion).
Emaar's sales backlog in the UAE is Dh70.8 billion ($19.3 billion), recognised as revenue in the coming years.
Malls and commercial leasing
In Q1-2024, Emaar's mall and commercial leasing operations reported revenue of Dh1.4 billion ($381 million).
During the same period, the portfolio delivered an EBITDA of Dh1.1 billion ($299 million). Tenants achieved high sales during Q1-2024, which rose by approximately 9 per cent compared to Q1 2023.
Emaar Malls Management's prime assets recorded an average occupancy of nearly 98 per cent as of March 31 , 2023.
Emaar International
Emaar's international real estate operations reported property sales of Dh625 million ($170 million) and revenue totalling Dh288 million ($78 million during the first quarter of 2024.
Revenue from international real estate operations, primarily driven by operations in Egypt and India, represents 4 per cent of Emaar's total revenue.
Hospitality, leisure, and entertainment
In the first quarter of 2024, Emaar's hospitality, leisure, and entertainment divisions generated Dh983 million ($268 million) in revenue, a 10 per cent increase from Q1-2023.
Emaar's UAE hotels, including those under management, reported an average occupancy of 82 per cent in the first quarter of 2024.
Recurring revenue
Emaar's recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated Dh2.3 billion ($626 million) during Q1-2024. This revenue represents 34 per cent of Emaar's total revenue.
