Emaar Development's Record-Breaking 2024 Performance
Emaar Development PJSC has achieved unprecedented financial success in 2024, setting new records in sales, revenue, and profit.
Summary
In 2024, Emaar Development PJSC reported its highest-ever sales, revenue, and profit, showcasing remarkable growth and strategic expansion.
In a stunning display of financial prowess, Emaar Development PJSC has announced record-breaking results for the fiscal year 2024. The company, a leading player in the UAE's property development sector, has set new benchmarks in sales, revenue, and profit, further solidifying its position as a market leader. The impressive performance is a testament to Emaar Development's strategic vision, execution excellence, and commitment to customer satisfaction.
According to the company's latest press release, property sales skyrocketed by 75%, reaching AED 65.4 billion (US$ 17.8 billion). This remarkable growth was driven by the successful launch of 62 projects across various masterplans, highlighting Emaar's innovative approach and market leadership. The sales surge has also contributed to a significant increase in the revenue backlog, which now stands at AED 90.9 billion (US$ 24.7 billion), indicating robust future revenue streams.
Emaar Development's revenue saw an impressive 61% increase, totaling AED 19.1 billion (US$ 5.2 billion), while the net profit before tax rose by 20% to AED 10.2 billion (US$ 2.8 billion). These figures underscore the company's operational efficiency and strong financial management, with an EBITDA margin of 49% and a net margin of 53%.
The company's board has proposed a record dividend payout of 68% of its share capital, amounting to AED 2.7 billion (US$ 740 million), subject to shareholder approval. This move reflects Emaar Development's commitment to delivering value to its shareholders while maintaining a strong capital position for future growth.
In terms of business expansion, Emaar Development acquired 141 million square feet of prime development land, with a total development value of AED 96 billion. This strategic acquisition positions the company for sustained growth and enhances its ability to deliver high-quality projects that meet the evolving needs of its customers.
Emaar Development's focus on customer satisfaction was evident in its proactive approach to repairing homes affected by unprecedented rain at its own cost. This dedication to customer service has been a key driver of the company's success, ensuring high levels of customer satisfaction and loyalty.
Looking ahead, Emaar Development is well-positioned for continued success, with a strong backlog, strategic land acquisitions, and a commitment to nurturing young UAE National talent. The company's investment in training and development underscores its focus on building a skilled workforce capable of leading Emaar into the future.
Given the company's robust financial performance, strategic growth initiatives, and commitment to shareholder value, investors may consider a buy recommendation for Emaar Development PJSC. The company's strong market position and growth prospects make it an attractive investment opportunity in the UAE's dynamic real estate sector.
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Summary
Emaar Development achieved record-breaking sales, revenue, and profit in 2024. Property sales increased by 75% to AED 65 billion (US$ 18 billion), and the revenue backlog reached AED 91 billion (US$ 25 billion). Revenue grew by 61% to AED 19.1 billion (US$ 5.2 billion), and EBITDA rose to AED 9.4 billion (US$ 2.6 billion), reflecting a 49% margin. Net profit before tax increased by 20% to AED 10.2 billion (US$ 2.8 billion), with a net margin of 53%. The company launched 62 projects, enhancing its market position and future growth prospects. Emaar Development also proposed a 68% dividend increase, acquired 141 million square feet of development land, and focused on customer satisfaction by repairing homes affected by rain. Additionally, the company emphasized nurturing young UAE talent for future leadership roles.
