Emaar Properties (EMAAR) Q3 2024 earnings summary

Executive summary

• Achieved record property sales of AED 50 billion in 9M 2024, up 60% year-over-year, with UAE sales at AED 48 billion (+66%).

• Consolidated revenues reached AED 23.8 billion (+30%), EBITDA AED 12.6 billion (+47%), and net profit AED 11.0 billion (+30%).

• Comprehensive income attributable to owners was AED 7.2 billion, with total equity increasing to AED 91.5 billion as of 30 September 2024.

• Recurring operations contributed 29% of total revenues and 41% of EBITDA.

• Maintained investment-grade credit ratings (BBB/Baa2) with a strong balance sheet and net cash position.

Financial highlights

• Gross profit for 9M 2024 was AED 13.6 billion (+20% YoY), with a gross margin of 57%.

• EBITDA margin stood at 53%, and net profit margin at 46%.

• Cash balance increased to AED 42.9 billion (+27% YoY), while debt decreased by 22% to AED 9.6 billion.

• Basic and diluted EPS for the nine months was AED 0.96, compared to AED 0.93 in the prior year.

• Total assets increased to AED 150.2 billion from AED 139.4 billion as of 31 December 2023.

Outlook and guidance

• Focus on maintaining market leadership, execution, cash flow generation, and maximizing shareholder returns.

• Revenue backlog of over AED 100 billion from property sales expected to drive future revenues.

• Continued expansion of recurring revenue streams, including AED 1.5 billion Dubai Mall expansion.

• Management notes that results for the period are not necessarily indicative of full-year performance.

• The Group continues to monitor market volatility and inflationary pressures, particularly in property valuations.