Dubai's largest listed developer Emaar Properties' 2024 net income surged 16 per cent on an annual basis as the company's revenue last year surged to record levels on a sharp rise in the property sales across its portfolio.
Net profit attributable to owners of the company for the 12 months to the end of December rose to Dh13.5 billion ($3.67 billion), the company said on Thursday to the Dubai Financial Market, where its shares are traded.
Revenue during the period increased 33 per cent annually to Dh35.5 billion, its highest ever, as property sales surged to a record Dh70 billion, up 72 per cent compared with the same period in 2023.
The group’s revenue backlog from property sales surpassed Dh110 billion as of December 31, marking a 55 per cent increase from 2023, indicating robust revenue growth for the coming years, according to Emaar.
“The company's progress also reflects the emirate's proactive economic strategies and its dedication to positioning Dubai as a global hub for innovation and investment,” Mohamed Alabbar, founder of Emaar, said.
Property companies in the emirate have maintained a strong growth momentum since bouncing back from the Covid-driven slowdown amid continued economic momentum in the emirate. Dubai's economy grew by 3.1 per cent in the first nine months of last year, compared with the same period in 2023, reaching Dh339.4 billion, with growth largely driven by strides in several sectors including the real estate sector.
Last year, Dubai recorded real estate deals worth Dh761 billion, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to reach 226,000, according to the latest data provided by Dubai Media Office.
The UAE government initiatives such as residency permits for retired and remote workers and expansion of the 10-year golden visa programme as part of efforts to boost its appeal to international investors continued to support the property market.
Emaar Development, a majority-owned subsidiary specialising in the build-to-sell property development business, recorded property sales worth Dh65.4 billion during the one-year period, up 75 per cent compared with 2023.
Its revenue grew 61 per cent to reach Dh19.1 billion. It also launched 62 new projects across all master plans in the UAE.
Emaar’s shopping malls, retail, and commercial leasing operations recorded revenue of Dh5.6 billion, driven by robust growth in tenant sales, which saw an increase of more than 7 per cent compared with 2023 and increased occupancy.
Its mall assets achieved an average occupancy of 98.5 per cent as of December 31, with Dubai Mall recording a footfall of 111 million during the year, up 6 per cent over 2023.
Emaar’s international real estate operations recorded property sales of Dh4.1 billion, an increase of 40 per cent compared with 2023, primarily driven by Egypt and India operations, with the revenue at Dh2.7 billion.
