The net profits of four real estate companies listed on the Dubai Financial Market surged by 19% during H1 2024, propelled by robust sales growth amidst the strengthening real estate and tourism sectors, alongside the accelerating pace of economic recovery in Dubai, Invest-Gate reports.

According to disclosures made by the listed companies on the Dubai Financial Market website, the cumulative net profits of these firms from January to June 2024 amounted to AED 7.01 bn, marking an increase from approximately AED 6.37 bn in the corresponding period of 2023.

Emaar Properties claimed the largest portion of total profits, achieving AED 6.38 billion (inclusive of Emaar Developments’ profits) in H1 2024, reflecting a 19% upsurge compared to the AED 5.74 bn earned in the first half of 2023.

Emaar Properties’ strategic initiatives to enhance profit margins and operational efficiency resulted in a 24% growth in earnings before interest, taxes, depreciation, and amortization, with profits reaching AED 8 bn ($2.2 bn) in H1 2024.

Emaar Developments realized a net profit of AED 3.34 bn during the initial six months, marking a 35% increase from AED 2.48 bn in H1 2023.

Notably, the company witnessed a 56% surge in real estate sales in Dubai, reaching AED 29.7 bn ($8.1 bn) in H1 2024, as opposed to AED 19 bn ($5.2 bn) in H1 2023.

Deyaar Development observed a remarkable 71% growth in profits for the six-month period ending June 30, 2024, with pre-tax profits hitting AED 202.6 mn, up from AED 118.5 mn in the corresponding period of the previous year. Post-tax profits amounted to AED 188.6 mn, signifying a 59% increase.

The company’s total revenues in H1 2024 displayed a 6% uptick, climbing from AED 628.9 mn in H1 2023 to AED 664.4 mn.