PHOTO
Dubai-based Emaar Properties PJSC posted a nine-month 2024 net profit attributable to shareholders of 8.52 billion dirhams ($2.3 billion), up 3% compared to the same period last year on rising retail sales amid higher demand for real estate.
Revenue for the period came in at AED 23.8 billion.
Property sales rose 60% year-on-year (YoY) to AED 50 billion for the nine-month period.
The company's revenue backlog from property sales hit over AED 100 billion as of September 30, 2024, and will be recognised as over the next 4-5 years, the builder of Burj Khalifa said.
Emaar Development
Emaar Development PJSC, the property development company specialising in build-to-sell properties and majority-owned by Emaar Properties, made a net profit of AED 4.57 billion, an increase of 13% compared to the year-ago period.
Revenue was up 69% at AED 12.48 billion as property sales rose by 66%.
(Writing by Brinda Darasha; editing by Seban Scaria)
