Emaar Development (EMAARDEV) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 property sales of AED 19.3 billion, up 42% year-over-year, with revenue rising 50% to AED 10.1 billion and robust profitability across all segments.

• Net profit attributable to equity holders reached AED 3.7 billion, a 27% increase versus Q1 2024, while net profit for the period was AED 4.64 billion, up 25%.

• Record dividend of AED 8.9 billion was declared and paid, the highest ever, with a yield of ~7.5%.

• S&P upgraded the credit rating to BBB+ and MSCI upgraded ESG rating to BBB, reflecting improved financial and sustainability performance.

• Comprehensive income attributable to owners was AED 3.71 billion, with non-controlling interests at AED 935 million.

Financial highlights

• Group property sales: AED 19.3 billion (+42% YoY); revenue: AED 10.1 billion (+50% YoY); EBITDA: AED 5.4 billion (+24% YoY); net profit: AED 4.6 billion (+25% YoY).

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

• Cash balance rose to AED 58.4 billion (+17% YoY); cash and cash equivalents at period end were AED 47.1 billion.

• Total assets increased to AED 168.3 billion; total equity at AED 91.3 billion.

• Dividend of AED 8.84 billion for 2024 was approved and paid in April 2025.

Outlook and guidance

• Revenue backlog from property sales stands at AED 127 billion, supporting future revenue streams and visibility.

• Focus on expanding recurring revenue portfolio, with Dubai Mall expansion and new hotels in the pipeline.

• Targeting delivery of ~44,000 residential units between 2025-2029.

• Management notes Q1 results are not necessarily indicative of full-year 2025 performance and continues to monitor market volatility and geopolitical tensions.

• New projects planned for launch throughout the year, supported by robust demand in Dubai.