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Emaar Development PJSC achieved 56% increase in property sales reaching to AED 29.7 billion (US$ 8.1 billion) for the first half of 2024 (January to June) compared to AED 19 billion (US$ 5.2 billion) for the first half of 2023. Image courtesy: Emaar Development
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.
(Writing by Brinda Darasha; editing by Seban Scaria)
