Emaar Nine-Month Profit Rises 17% to Dh17.1 Billion as Board Approves Special Dividend

The results, published a day after the Dubai developer offered Dh15 a share in cash for the part of Emaar Development it does not already own, show a company whose earnings are still rising on homes sold in earlier years while new sales have slowed. Revenue rose 13% to Dh37.5 billion in the January-September period from Dh33.1 billion, according to figures reported by Gulf News. Profit before tax increased 18% to Dh19.8 billion and earnings before interest, taxes, depreciation and amortisation climbed 19% to Dh19.7 billion.

Group property sales reached Dh34.7 billion over the nine months. That is well below the Dh61 billion Emaar reported for the same period of 2025. The revenue backlog from properties already sold but not yet booked as revenue stood at Dh158.8 billion at the end of September, 6% higher than a year earlier, which gives the developer visibility on earnings as construction continues.

Emaar Properties shares rose 1.8% to Dh12.52 on the Dubai Financial Market on Thursday, after a 4.41% gain in the previous session. The stock was still down about 11% since the start of the year.

The Subsidiary It Wants to Own Outright

Emaar Development, the UAE residential arm in which Emaar Properties holds more than 79%, grew faster than its parent. Its net profit after tax rose 24% to Dh10.8 billion from Dh8.7 billion, revenue increased 26% to Dh22.2 billion and EBITDA rose 28% to Dh11.4 billion, a 52% margin. It recorded Dh26.2 billion in property sales and had a backlog of Dh119.8 billion at September 30. The subsidiary said sales had moved at a measured pace as geopolitical conditions changed, while construction progress and the recognition of earlier sales supported revenue.

The proposed buyout of the remaining Emaar Development shares could be worth up to Dh12.6 billion ($3.4 billion) and still requires board approval.

Across its UAE development business, Emaar Properties booked consolidated revenue of Dh28.3 billion, up 18%, and a UAE backlog of Dh127.2 billion. The group launched 14 projects in the period, including developments at Heights Country Club & Wellness, Dubai Creek Harbour and The Valley. Emaar Development awarded 23 main construction contracts worth Dh13.5 billion and 43 infrastructure contracts worth Dh4.3 billion, and the group handed over more than 4,800 homes in the UAE.

"Our nine-month results reflect the work happening across Emaar, from construction sites and handovers to the daily management of our destinations," said Mohamed Alabbar, Emaar's founder.

Hotels Feel the Visitor Slump

The recurring-income businesses of shopping malls, hospitality, leisure, entertainment and commercial leasing generated Dh7.6 billion in revenue, broadly flat on a year earlier, and Dh5.9 billion in EBITDA, about 30% of the group total. Malls, retail and commercial leasing grew revenue 10% to Dh5.2 billion, with occupancy at about 98%.

Hospitality was the weak spot. Average occupancy at Emaar's UAE hotels fell to 63% in the nine months from 80% a year earlier, reflecting fewer international visitors to the region. The hospitality, leisure and entertainment business produced Dh2.4 billion in revenue, and Emaar said local demand partly offset the drop in foreign guests.

Outside the UAE, international property sales rose 5% to Dh8.5 billion and revenue from international development grew 16% to Dh1.6 billion, about 4.3% of the group total, with Egypt and India the main contributors. The group's land bank stands at about 604 million square feet, 315 million of them in the UAE.

Emaar said it would keep matching new launches and investment decisions to market conditions while prioritising construction, handovers and cost control. The special dividend still needs approval from shareholders at a general assembly.