Emaar Development (EMAARDEV) Q4 2024 earnings summary

Executive summary

• Achieved record property sales of AED 70 billion in 2024, a 72% increase year-over-year, with revenue of AED 35.5 billion (+33%) and EBITDA of AED 19.3 billion (+45%).

• Net profit attributable to equity holders reached AED 13.5 billion (+16% vs 2023), with a proposed 100% dividend payout of AED 8.8 billion, the highest ever.

• Maintained a strong balance sheet with net cash of AED 40.4 billion and investment grade credit ratings (BBB/Baa2, stable outlook).

• Revenue backlog from property sales exceeded AED 110 billion, supporting future revenue visibility.

• Dubai Mall welcomed a record 111 million visitors, up 6% year-over-year.

Financial highlights

• Revenue rose 33% to AED 35.5 billion; gross profit increased 21% to AED 20.4 billion; EBITDA margin reached 54%.

• Net profit for the year was AED 17.4 billion; net profit attributable to owners AED 13.5 billion; EPS up 16% to AED 1.53.

• Cash balance rose to AED 50.1 billion; net cash position improved 87% to AED 40.4 billion.

• Debt reduced by 21% to AED 9.7 billion; Sukuk liabilities reduced to AED 6.4 billion.

• Total assets reached AED 160.2 billion; total equity AED 96.1 billion as of 31 December 2024.

Outlook and guidance

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

• Strong revenue backlog and robust project pipeline expected to drive sustained growth in 2025.

• Continued expansion of recurring revenue streams, including retail and hospitality assets.

• Strategic land acquisitions and project launches planned to drive future growth.

• Comprehensive sustainability strategy established, emphasizing ESG integration.