Emaar Properties PJSC

S&P Global Ratings and Moody's have upgraded Emaar Properties' credit ratings due to its strong financial performance and robust revenue visibility. S&P raised Emaar's long-term issuer credit rating to BBB+ with a stable outlook, while Moody's upgraded it to Baa1 with a stable outlook. These upgrades apply to Emaar's senior unsecured debt as well. As of March 2025, Emaar reported a revenue backlog of approximately AED 127 billion, indicating strong revenue and cash flow visibility through 2028. S&P's decision was influenced by Emaar's record-high backlog and healthy presales in the UAE, along with a net cash position and low leverage. Moody's noted a significant reduction in Emaar's adjusted debt and a decrease in the debt-to-equity ratio from 2020 to March 2025. Mohamed Alabbar, Emaar's Founder, expressed pride in the recognition from the rating agencies, attributing it to the company's strategic strength, asset quality, and disciplined financial management.

Emaar Properties PJS C and its subsidiaries have released their unaudited interim condensed consolidated financial statements for the period ending March 31, 2025.

Emaar Properties reported a strong performance in Q1 2025, with property sales increasing by 42% to AED 19.3 billion (US$ 5.3 billion) and a backlog growth of 62% to AED 127 billion (US$ 34.6 billion). Revenue rose by 50% to AED 10.1 billion (US$ 2.8 billion), and EBITDA grew to AED 5.4 billion (US$ 1.5 billion) with a margin exceeding 53%. The net profit before tax also increased by 27% to AED 5.4 billion (US$ 1.5 billion). Emaar declared a record dividend of AED 8.9 billion (US$ 2.4 billion) and continues to focus on customer satisfaction, talent development, cost efficiency, and sustainability initiatives. The company received its third ESG rating upgrade in four years from MSCI.

The text refers to the consolidated financial statements of Emaar Properties PJSC and its subsidiaries as of December 31, 2024.