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  • UAE Flag
    FIRST LOOK NOTES
    21 May 2025
    Emaar Development
    BUY
    AED 13.25
    AED 16.00
    +20.75%

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

    EMAARDEV recorded the highest-ever property sales of AED 16.5 Bn in 1Q25 compared to AED 12.9 Bn in 1Q24. The Company’s sales backlog reached at AED 100.1 Bn in 1Q25, indicating strong revenue visibility in the upcoming period. Emaar Development reported revenue of AED 5.0 Bn (USD 1.4 Bn) and an EBITDA of AED 2.5 Bn during 1Q25.
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  • UAE Flag
    FIRST LOOK NOTES
    05 Mar 2025
    Emaar Development
    BUY
    AED 13.00
    AED 15.00
    +15.38%

    UAE Equity Research - Emaar Development (EMAARDEV) 4Q24 - First Look Note

    EMAARDEV recorded the highest-ever property sales of AED 65.4 Bn in FY2024 compared to AED 37.4 Bn in FY2023. The Company’s sales backlog stood at AED 90.9 Bn in FY2024, indicating strong revenue visibility in the upcoming period. EMAARDEV introduced “Lavita” at The Oasis, its first community of luxury mansions in 3Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    26 Nov 2024
    Emaar Development
    BUY
    AED 11.10
    AED 11.00
    -0.90%

    UAE Equity Research - Emaar Development (EMAARDEV) 3Q24 - First Look Note

    EMAARDEV recorded property sales of AED 18.3 Bn in 3Q24 compared to AED 9.9 Bn in 3Q23. The Company’s sales backlog stood at AED 83.7 Bn in 3Q24, indicating strong revenue visibility in the upcoming period. EMAARDEV introduced “Lavita” at The Oasis, its first community of luxury mansions in 3Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Emaar Development
    BUY
    AED 8.15
    AED 9.50
    +16.56%

    Robust growth in sales driven by the launch of new projects drove the top-line

    EMAARDEV recorded property sales of AED 16.8 Bn in 2Q24 compared to AED 10.4 Bn in 2Q23.
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  • UAE Flag
    FIRST LOOK NOTES
    04 Jun 2024
    Emaar Development
    BUY
    AED 7.32
    AED 9.50
    +29.78%

    Higher sales and the launch of new projects drove the top-line

    EMAARDEV recorded property sales of AED 12.9 Bn in 1Q24 as compared to AED 8.6 Bn in 1Q23.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Nov 2023
    Emaar Development
    BUY
    AED 6.91
    AED 8.50
    +23.01%

    Solid property sales and reversal of cost accruals drove profitability

    Emaar Development PJSC (EMAARDEV/The Company) net profit grew significantly from AED 648 Mn in 3Q22 to AED 1,882 Mn in 3Q23, higher than our forecast of AED 881 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    25 Aug 2023
    Emaar Development
    ACCUMULATE
    AED 6.43
    AED 7.20
    +11.98%

    Robust property sales provide solid visibility over the medium-term

    Emaar Development PJSC (EMAARDEV/The Company) net profit marginally declined 1.9% YOY to AED 1,119 Mn in 2Q23, higher than our expectation of AED 859 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    06 Jun 2023
    Emaar Development
    BUY
    AED 5.34
    AED 6.75
    +26.40%

    Decline in residential & commercial sales dragged bottom line

    Emaar Development PJSC (EMAARDEV/The Company) net profit marginally rose 0.8% YOY to AED1,058 Mn in 1Q23, higher than our estimate of AED 828 Mn.
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