Emaar net profit surges 33% to Dh7.8b on continuing dubai property boom
Emaar Group has reported a significant increase in net profit, achieving Dh7.8 billion before tax in the first half of 2024, marking a 33% rise compared to the previous year. The company’s revenues surged by 17% to reach Dh14.4 billion, driven by sustained demand in the Dubai property market.
UAE Operations Contribute Significantly to Revenue
Emaar’s operations within the UAE contributed Dh7.1 billion to the overall revenue, bolstered by new property launches that continue to drive sales. The company’s focus on community-themed projects has resonated well with both UAE-based and international buyers.
Strategic Investments Pay Off
Emaar’s founder, highlighted the impact of the company’s strategic investments in key locations and major assets. “Our strategic investments in key locations and other major assets have yielded impressive returns,” he stated. These efforts have not only enhanced Emaar’s financial performance but have also strengthened its position in the competitive Dubai real estate market.
Continued Focus on Sustainable Development
Emaar is also focusing on sustainable development as part of its growth strategy, incorporating eco-friendly designs and technologies into its projects. This approach not only meets the rising demand for sustainable living but also positions Emaar as a leader in the green building sector in the UAE.
Outlook for the Second Half of 2024
Looking ahead, Emaar plans to capitalize on the positive market trends by launching more innovative projects in the second half of 2024. The company aims to maintain its growth trajectory by expanding its portfolio and enhancing its offerings to meet the evolving needs of both local and international property buyers.
Reference: Gulf News