Emaar Development (EMAARDEV) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 results with property sales up 46% to AED 46 billion, revenue up 38% to AED 19.8 billion, and net profit up 30% to AED 8.88 billion, driven by strong growth across real estate, leasing, retail, and hospitality segments.

• Maintains a diversified business model with leading positions in UAE and international markets, supported by iconic assets and a large land bank.

• Strategic focus on expanding recurring revenue streams, sustainability, and shareholder value through disciplined capital allocation and innovation.

• Paid a cash dividend of AED 8.84 billion for 2024 and completed the acquisition of the remaining non-controlling interest in Dubai Hills Estate District Cooling LLC.

• Credit ratings were upgraded by S&P Global (BBB+) and Moody's (Baa1), both with stable outlooks.

Financial highlights

• Group property sales reached AED 45.9 billion, up 46% year-over-year; revenue at AED 19.8 billion, up 38%; net profit for the period was AED 8.88 billion, up 30% year-over-year.

• EBITDA rose 30% to AED 10.4 billion; gross profit margin at 56%; EBITDA margin at 52%; net profit margin at 45%.

• Earnings per share for the six months were AED 0.80, up 33% year-over-year.

• Cash and cash equivalents at period end stood at AED 45.77 billion, up from AED 38.63 billion at year-end 2024.

• Dividend yield at 6.5%, outperforming local benchmarks.

Outlook and guidance

• Revenue backlog from property sales increased 62% year-over-year to AED 146.3 billion, supporting future profitability and revenue visibility.

• Focus on timely project delivery, expanding recurring revenue portfolio, and launching new retail assets.

• Over 55,000 residential units to be delivered between 2025-2029 across domestic and international markets.

• Dubai Mall and Expo Mall expansions to drive future growth, with openings expected in 2028 and 2026, respectively.

• Management expects continued strong performance, with no significant seasonality or cyclicality anticipated for the remainder of 2025.