Emaar Properties Net Profit Rises 17% to $4.7B as Backlog Tops $43B

Dubai-listed Emaar Properties reported a 17% year-on-year rise in net profit to $4.7B (AED 17.1B) for the first nine months of 2026, on revenue that grew 13% to $10.2B (AED 37.5B). The results were released on Thursday.

EBITDA advanced 19% to $5.4B (AED 19.7B) over January to September, a margin of 53% on revenue. Property sales during the period reached $9.4B (AED 34.7B).

The revenue backlog, work sold but not yet recognised in the income statement, stood at $43.2B (AED 158.8B) at September 30, up 6% year on year. That is roughly four times the revenue booked in the nine months alone.

Third-quarter figures

Revenue for the third quarter came in at $3.7B (AED 13.6B), 2.7% higher than a year earlier and 18.4% above the second quarter. Net profit after tax for the quarter was $1.6B (AED 6B), up 3.3% year on year and 25.8% quarter on quarter.

Borrowings fall, cash outflow rises

Interest-bearing loans and sukuk liabilities fell 22.3% to $2.1B (AED 7.6B) at the end of September, from $2.7B (AED 9.8B) at the close of 2025. The company repaid a $750M (AED 2.8B) sukuk in September. Higher bank borrowings partly offset the reduction.

Cash and cash equivalents slipped 4% to $13.9B (AED 51.2B) from $14.5B (AED 53.3B). Net operating cash flow dropped 26.7% year on year to $4.8B (AED 17.6B), dragged down by working capital movements and larger tax payments.

Special dividend approved

At a general meeting on November 4, shareholders approved a one-time special dividend of $1.2B (AED 4.4B), equivalent to about $0.14 (AED 0.50) per share. The payout sits on top of the regular annual dividend.

Market capitalisation was $30B (AED 110B). The stock traded at $3.39 (AED 12.44) as of 3:50 PM AST.

Emaar Development

Emaar Development, the majority-owned subsidiary that is listed separately, recorded revenue of $6.0B (AED 22.2B) for the nine months, up 26% year on year. Net profit after tax rose 24% to $2.9B (AED 10.8B) from $2.4B (AED 8.7B) a year earlier, while EBITDA grew 28% to $3.1B (AED 11.4B) at a 52% margin.

Third-quarter revenue at the subsidiary was $2.4B (AED 8.8B), 14.4% higher year on year and 36.1% higher quarter on quarter. Net profit after tax for the quarter reached $1.1B (AED 4.1B), up 2.1% year on year and 27.6% on the previous three months. Nine-month property sales were $7.1B (AED 26.2B) and the backlog was $32.6B (AED 119.8B).

Emaar Development carried a market value of $15.8B (AED 58B), with its shares at $3.95 (AED 14.50) as of 3:55 PM AST.

Malls, hotels and recurring income

The shopping malls, retail and commercial leasing portfolio generated $1.4B (AED 5.2B) of revenue, 10% more than a year earlier, and EBITDA of $1.2B (AED 4.4B), up 8%. Occupancy was about 98% at September 30.

Hospitality, leisure and entertainment brought in $653.4M (AED 2.4B). Average occupancy across the company's UAE hotels fell to 63% from 80%, a decline the company linked to fewer international visitors.

Recurring revenue across the combined businesses was $2.1B (AED 7.6B), broadly flat year on year, with recurring EBITDA of $1.6B (AED 5.9B). That represented 30% of the group total.

Those leasing and hospitality businesses now carry close to a third of group earnings, a cushion when handover timing and contract awards move development revenue between quarters. Hotel occupancy is the clearest soft spot in the period.

Overseas sales and openings

International property sales rose 5% to $2.3B (AED 8.5B). Revenue from developments outside the UAE increased 16% to about $435.6M (AED 1.6B), supported by operations in Egypt and India.

Dubai Mall hosted the UAE debut of Primark and the second UAE store for Ulta Beauty. Emaar Hospitality Group opened Vida Aljada in Sharjah in September, its first property in the emirate.

Handovers, launches and land

More than 4,800 residential units were handed over in the UAE during the nine months. The developer launched 14 projects across its master-planned communities, including residential schemes at Heights Country Club & Wellness, Dubai Creek Harbour and The Valley. More than 80% of active UAE projects were ahead of schedule at the end of September.

Emaar Development awarded 23 main works contracts valued at $3.7B (AED 13.5B) and 43 infrastructure contracts worth $1.2B (AED 4.3B). The land bank was about 604 million square feet, including 315 million square feet in the UAE.

Ranking and offer for the subsidiary

Emaar Properties placed 17th on a 2026 ranking of the region's 100 most valuable companies. Emaar Development took 32nd place on the same list.

On November 4 the parent announced a voluntary cash offer of about $4.1 (AED 15) per share for the Emaar Development shares it does not already own directly or through a wholly owned subsidiary. The offer requires approval from the board of directors and had not been completed.