Emaar Development (EMAARDEV) Q3 2024 earnings summary

Executive summary

• Achieved record property sales of AED 50 billion in 9M 2024, up 60% year-over-year, with UAE sales at AED 48 billion (+66%).

• Consolidated revenues reached AED 23.8 billion, a 30% increase from 9M 2023, with net profit before tax rising 24% to AED 12.4 billion and net profit attributable to equity holders at AED 8.5 billion.

• Strong performance was driven by real estate sales, leasing, retail, and hospitality segments, with significant growth in domestic operations.

• Maintained investment-grade credit ratings (BBB/Baa2) with a strong balance sheet and net cash position.

• Revenue backlog from property sales exceeded AED 100 billion, supporting future revenue visibility.

Financial highlights

• Group property sales: AED 49.9–50 billion (+60% YoY); revenue: AED 23.8 billion (+30% YoY); EBITDA: AED 12.6 billion (+17–47% YoY, adjusted).

• Net profit: AED 11.0 billion (+12% YoY, adjusted); gross profit: AED 13.6 billion (+20% YoY); cash balance: AED 42.9 billion (+27% YoY).

• Debt reduced to AED 9.6 billion (-22% YoY); net cash position improved by 54% to AED 33.3 billion.

• Recurring revenue streams (malls, hospitality, entertainment) contributed 29% of revenue and 41% of EBITDA.

• Earnings per share increased to AED 0.96 from AED 0.93, up 3% year-over-year.

Outlook and guidance

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

• Revenue backlog of over AED 100 billion from property sales expected to drive future growth over the next 4-5 years.

• Continued expansion of recurring revenue portfolio, including AED 1.5 billion Dubai Mall expansion and new retail/community centers.

• Strategic land acquisitions and JV developments to support long-term growth.

• Ongoing monitoring of market volatility, inflationary pressures, and regulatory changes.