The Dubai-based developer’s sales backlog reached $24.52 billion as of the end of June.
Dubai-based Emaar Properties PJSC reported a net profit attributable to shareholders of AED 5.34 billion ($1.45 billion) for H1 2024, an 8% increase year-on-year, driven by rising retail sales and higher real estate demand in Dubai.
The company disclosed on Thursday via DFM that its revenue reached AED 14.4 billion, a 17% increase year-on-year.
Emaar’s property sales backlog stood at AED 90.1 billion at the end of June 2024, which is expected to further enhance future revenue, the company noted.
**Emaar Development**
Emaar Development PJSC, a property development company focused on build-to-sell properties and majority-owned by Emaar Properties, posted a net profit of AED 2.50 billion, up 15% compared to the same period in 2023.
The sales backlog for Emaar Development has grown to AED 74.2 billion, indicating future revenue from property sales that will be recognized over the next 4-5 years, the company added.
