Emaar Properties (EMAAR) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 property sales and revenue, with net profit rising to AED 4.6 billion, driven by strong real estate and retail performance.

• Declared and paid highest-ever dividend of AED 8.8 billion, representing 100% of share capital.

• S&P upgraded credit rating to BBB+; MSCI upgraded ESG rating to BBB.

• Total comprehensive income rose to AED 4.6 billion, with significant contributions from both domestic and international operations.

• Robust revenue backlog of AED 127 billion from property sales, supporting future revenue visibility.

Financial highlights

• Group property sales reached AED 19.3 billion (+42% YoY); revenue at AED 10.1 billion (+50% YoY).

• Net profit attributable to equity holders was AED 4.6 billion (+25% YoY); EBITDA at AED 5.4 billion (+24% YoY).

• Gross profit margin at 57%; EBITDA margin at 53%; net profit margin at 46%.

• Cash and cash equivalents increased to AED 58.4 billion; net cash position at AED 48.8 billion.

• Dividend yield of ~7.5% based on May 2025 share price.

Outlook and guidance

• Focus on expanding recurring revenue portfolio, targeting double-digit IRR and consistent shareholder returns.

• Dubai Mall expansion (AED 1.5 billion) and new retail assets to drive future growth.

• ~44,000 residential units to be delivered between 2025-2029.

• Management notes Q1 results may not indicate full-year performance due to seasonality and volatility.

• Company is monitoring global inflation, interest rates, and geopolitical risks for potential impacts.