Emaar Development PJSC Reports 66% Surge in Property Sales Amidst Robust Growth
Emaar Development PJSC, a leading property developer in the UAE, has demonstrated remarkable growth in 2024, with significant increases in property sales and revenue.
Summary
Emaar Development PJSC reported a 66% increase in property sales and a 69% rise in revenue for the first nine months of 2024. The company's strategic project launches and a growing sales backlog indicate sustained growth potential.
Emaar Development PJSC, a major player in the UAE's real estate sector, has reported impressive financial results for the first nine months of 2024. The company recorded a 66% increase in property sales, reaching AED 48 billion (US$ 13.1 billion), compared to AED 28.9 billion (US$ 7.9 billion) for the same period in 2023. Revenue also saw a significant increase of 69%, amounting to AED 12.5 billion (US$ 3.4 billion).
Emaar's sales backlog has reached AED 83.7 billion (US$ 22.8 billion), a 47% increase from December 2023, setting a strong foundation for future revenue recognition. The company launched 50 projects across all masterplans in the first nine months of 2024, further cementing its market leadership.
Key Performance Indicators
| KPI | 2023 | 2024 | Change |
|---|---|---|---|
| Revenue | AED 7.4 billion | AED 12.5 billion | 69% |
| Property Sales | AED 28.9 billion | AED 48 billion | 66% |
| EBITDA | AED 4.5 billion | AED 6 billion | 35% |
| Net Income | AED 4.1 billion | N/A | N/A |
| Sales Backlog | AED 59.6 billion | AED 83.7 billion | 47% |
Analysis of KPI Changes
The significant increase in revenue and property sales is attributed to Emaar's strategic project launches and the growing demand for real estate in Dubai. The sales backlog, which has increased by 47%, indicates a strong pipeline of future revenue, showcasing the company's ability to sustain growth in the coming years.
Conclusion
For investors, Emaar Development's robust financial performance and strategic positioning in the market present a promising outlook. The company's focus on launching high-value projects and expanding its sales backlog reflects its commitment to delivering sustainable growth and value to shareholders. Given the positive market conditions and Emaar's strategic initiatives, the company is well-positioned to capitalize on future opportunities in the real estate sector.
Source
Summary
The text refers to the unaudited interim condensed consolidated financial statements of Emaar Development PJSC and its subsidiaries for the period ending on September 30, 2024.
