Emaar's Q1 net profit up 15pc; revenue soars to $1.8bn
CONSUMER NEWS
Dubai master-developer Emaar Properties showcased consistent resilient performance and operational efficiency across its various businesses for the first quarter recording revenues of AED6.7 billion ($1.8 billion), and net profit before tax of AED4.3 billion ($1.2 billion), which grew by 16% compared to the same period last year.
Announcing its results for the three-month period ended March 31, 2024, Emaar said this growth was supported by incremental property sales as its revenue backlog from property sales reached AED78.3 billion ($21.3 billion) as of March 2024, growing by 9% from December 2023.
This backlog represents future revenue from property sales to be recognised over the next 4-5 years, it stated.
Emaar said it achieved its highest ever quarterly group property sales in Q1, totalling AED13.5 billion ($3.7 billion), reflecting a robust 47% growth compared to Q1 2023.
On the solid performance, Founder Mohamed Alabbar said: "Emaar started the year with a strong performance, which reflects our focused approach towards sustainable growth and our commitment to customer satisfaction."
"Our investments have been strategic and result-oriented, leading to solid returns. We are driven by a clear strategy and a pragmatic approach to business, ensuring we add more value for our stakeholders," stated Alabbar.
"Our confidence in executing our business plans remains high, and we continue to play a crucial role in the economic landscape of Dubai and beyond," he added.-TradeArabia News Service
