Emaar Properties (EMAAR) Q4 2024 earnings summary

Executive summary

• Achieved record property sales in 2024, with group sales reaching AED 70 billion, a 72% increase year-over-year, and a revenue backlog from property sales exceeding AED 110 billion including joint ventures.

• Proposed a 100% dividend of share capital, exceeding AED 8.8 Bn for 2024, subject to AGM approval.

• Maintained investment-grade credit ratings, robust liquidity, and net cash of AED 40.4 Bn.

• Upgraded ESG rating, advanced sustainability initiatives, and launched a comprehensive sustainability strategy in 2024.

• Dubai Mall welcomed a record 111 million visitors, up 6% year-over-year.

Financial highlights

• Consolidated revenue rose 33% to AED 35.5 Bn; EBITDA increased 12% to AED 19.3 Bn.

• Net profit attributable to equity holders was AED 13.5 Bn, up 36% year-over-year; net profit for the year was AED 17,449.1 million.

• Group property sales reached AED 69.5 Bn, up 72% year-over-year; UAE property sales at AED 65.4 Bn, up 75%.

• Revenue backlog from property sales exceeded AED 110 Bn, supporting future growth.

• Cash balance at year-end was AED 50.1 Bn; total assets grew to AED 160,222.4 million.

Outlook and guidance

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

• Strategic expansion of recurring revenue streams, including retail and hospitality.

• Continued investment in sustainability, digital transformation, and innovative projects.