In comparison to the same quarter previous year, Emaar’s reported revenues of Dh6.7 billion ($1.8 billion) and net profit of Dh4.3 billion ($1.2 billion) increased by 16%. Comparing Q1-2023 to Dh4.4 billion ($1.2 billion), EBITDA increased by 9%. In Q1-2024, Emaar recorded its highest-ever quarterly group property sales of Dh13.5 billion ($3.7 billion), indicating a strong 47% increase over Q1-2023.

Emaar’s revenue backlog from property sales increased by 9% from December 2023 to Dh78.3 billion ($21.3 billion) in March 2024 thanks to additional property sales.

Mohamed Alabbar made the following statement regarding the first quarter’s performance: “We have made strategic, goal-oriented investments that have produced strong returns. Our pragmatist approach to business and well-defined strategy ensure that we generate greater value for our stakeholders.

A majority-owned subsidiary, Emaar Development, successfully launched ten projects across multiple masterplans in the first quarter of 2024, marking a 50% increase over Q1-2023, and had its highest-ever quarterly property sales of Dh12.9 billion ($3.5 billion). Emaar Development had strong financial success in the first quarter of 2024, with revenues of Dh3.5 billion ($953 million) and EBITDA of Dh1.7 billion ($463 million), up 48% over the same period in the previous year.

Through its property development company in the United Arab Emirates, which includes Dubai Creek Harbour, Emaar Properties recorded consolidated revenue of Dh4.1 billion ($1.1 billion).
Emaar announced the opening of two new projects in the first quarter of 2024: Grand Polo Club & Resort and The Heights Country Club & Wellness. With a combined development value of Dh96 billion ($26 billion), these projects cover an area of 140 million square feet.

In the UAE, Emaar has a sales backlog of Dh70.8 billion ($19.3 billion), which will be recognized as revenue in the upcoming years. Emaar’s mall and commercial leasing businesses brought approximately Dh1.4 billion ($381 million) in revenue in Q1-2024.

The portfolio produced an EBITDA of Dh1.1 billion ($299 million) over the same time period. In Q1 2024, tenants earned excellent sales, up around 9% from the previous quarter.
As of March 31, 2023, the prime properties of Emaar Malls Management had an average occupancy of around 98%.

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