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  • UAE Flag
    FIRST LOOK NOTES
    20 May 2025
    Emaar Properties
    BUY
    AED 13.55
    AED 16.00
    +18.08%

    UAE Equity Research - Emaar Properties 1Q25 - First Look Note

    Emaar’s revenue backlog from property sales in the UAE rose to AED 112 Bn in 1Q25 with a total backlog of AED 127 Bn. Emaar’s UAE hotels’ average occupancy rate stood at 82%, while the mall assets average occupancy rate stood at 98% in 1Q25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    19 May 2025
    Emaar Properties
    BUY
    AED 13.35
    AED 16.00
    +19.85%

    UAE Equity Research - Emaar Properties 1Q25 - Earnings Call Insight

    Emaar Properties’ revenue boosted from AED 6.7 Bn in 1Q24 to AED 10.1 Bn in 1Q25, mainly driven by robust growth in revenue from Real Estate, followed by Hospitability and Leasing, Retail segments.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Feb 2025
    Emaar Properties
    HOLD
    AED 13.90
    AED 15.00
    +7.91%

    UAE Equity Research - Emaar Properties 4Q24 - First Look Note

    Property sales backlog increased from AED 93.8 Bn in 3Q24 to AED 102.7 Bn in 4Q24. Emaar Malls reported a strong occupancy rate of 98.5% as of 2024, with c.194 Mn visitors in 2024.
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  • UAE Flag
    FIRST LOOK NOTES
    26 Nov 2024
    Emaar Properties
    BUY
    AED 9.51
    AED 11.25
    +18.30%

    UAE Equity Research - Emaar Properties 3Q24 - First Look Note

    Property sales backlog increased from AED 90.1 Bn in 2Q24 to more than AED 100.0 Bn in 3Q24. Total EBITDA rose from AED 4,138 Mn in 3Q23 to AED 4,544 Mn in 3Q24. Emaar Malls reported a strong occupancy rate of 99% as of 30 September 2024, with approximately 142 Mn visitors recorded in 9M24.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Emaar Properties
    BUY
    AED 8.15
    AED 9.75
    +19.63%

    Strong revenue growth and decline in provisions drove profitability

    Emaar’s property’s sales backlog grew from AED 78.3 Bn in 1Q24 to AED 90.1 Bn in 2Q24, indicating strong revenue visibility.
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  • UAE Flag
    FIRST LOOK NOTES
    30 May 2024
    Emaar Properties
    BUY
    AED 7.50
    AED 9.75
    +30.00%

    Lower other income and rising operating expenses impacted the bottom line

    Emaar Properties PJSC (Emaar/the Company) net profit declined from AED 3,206 Mn in 1Q23 to AED 2,921 Mn in 1Q24, higher than our estimate of AED 2,645 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Nov 2023
    Emaar Properties
    BUY
    AED 7.33
    AED 9.50
    +29.60%

    Strong growth in property sales and reversal of cost accruals boosted profitability

    Emaar Properties PJSC (Emaar/the company) net profit grew from AED 1,490 Mn in 3Q22 to AED 3,291 Mn in 3Q23, higher than our estimate of AED 1,929 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    25 Aug 2023
    Emaar Properties
    BUY
    AED 6.92
    AED 8.00
    +15.61%

    Healthy growth in the recurring income more than offset a delay in recognition of development sales impacted profit

    Emaar Properties PJSC (Emaar/the company) net profit declined 15.6% YOY to AED 1,740 Mn in 2Q23, missing our estimate of AED 2,014 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    07 Jun 2023
    Emaar Properties
    BUY
    AED 6.14
    AED 7.30
    +18.89%

    Steady performance of recurring business portfolio drove bottom-line

    Emaar Properties PJSC (Emaar/the company) net profit rose 43.2% YOY to AED 3,206 Mn in 1Q23, higher than our estimate of AED 2,039 Mn.
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