Emaar Properties posts Dhs4.9bn in H1 profit, up 15%

Emaar Properties posts Dhs4.9bn in H1 profit, up 15%

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Emaar Properties has posted a 15 per cent year-on-year (YoY) growth in half-year profit to Dhs4.9bn ($1.3bn), driven by the growth in tourism, retail sales, and sustained real estate demand in Dubai.

Dubai’s property market has boomed after a swift post-pandemic economic rebound, relaxed residency and social rules and an influx of migrants.

The builder of Burj Khalifa, the world’s tallest building, said its group property sales jumped 14 per cent YoY to Dhs20.2bn while its revenue backlog from property sales reached Dhs62.8 as of June 30, 2023. “This backlog represents future revenue from property sales to be recognised over the next few years,” Emaar said in a bourse filing.

The Dubai-listed developer’s half-year revenues reached Dhs12.3bn. Emaar said its recurring revenue in the six months to June 30 rose by 11 per cent compared to the corresponding period a year ago.

Emaar’s recurring revenue-generating portfolio, including malls, hospitality, leisure, entertainment, and commercial leasing, collectively generated Dhs4.7bn during the period under review – accounting for 38 per cent of the property giant’s total revenue.

“Emaar’s recent performance reflects our ongoing commitment to sustained profitable growth and our focus on meeting the needs of our loyal and new customers,” said