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Threads on regulatory news from companies
Emaar Development reported a 56% increase in property sales for the first half of 2024, reaching AED 29.7 billion (US$ 8.1 billion) compared to AED 19 billion (US$ 5.2 billion) in the same period of 2023. The company's sales backlog has grown to AED 74.2 billion (US$ 20.2 billion), to be recognized as revenue in the coming years. Emaar launched two major developments, The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning 141 million square feet with a combined development value of AED 96 billion (US$ 26 billion). Additionally, Emaar purchased a 60 million square foot land plot near The Oasis masterplan, valued at AED 41 billion (US$ 11 billion). In Q2 2024, the second phase of "The Valley" masterplan was launched. Emaar reported a revenue of AED 7.3 billion (US$ 2 billion) and an EBITDA of AED 3.4 billion (US$ 922 million) for the first half of 2024, marking increases of 65% and 47% respectively compared to the first half of 2023. Mohamed Alabbar, Emaar's founder, highlighted the company's resilience, strategic success, and commitment to delivering value to shareholders and contributing to Dubai's economic growth.
Emaar Properties PJSC reported significant financial growth for the first half of 2024. Group property sales increased by 56% to AED 31.5 billion (US$ 8.6 billion), and the property sales backlog reached AED 90.1 billion (US$ 24.5 billion). Net profit before tax rose by 33% to AED 7.8 billion (US$ 2.1 billion) compared to the same period in 2023. Additionally, Emaar announced a AED 1.5 billion (US$ 408 million) investment to expand Dubai Mall with 240 new luxury retail options. Total revenue grew by 17% to AED 14.4 billion (US$ 3.9 billion), driven by robust demand in Dubai's real estate market, strong project execution, and growth in tourism and retail sales. EBITDA increased by 24% to AED 8 billion (US$ 2.2 billion). Mohamed Alabbar highlighted the company's strategic investments and commitment to long-term success and customer satisfaction.
Date: 8 August 2024 Ref: WIH-396-0808 Notification of Board of Director’s Meeting Company: Watania International Holding (PJSC) Meeting Date: Tuesday, 13 August 2024 Meeting Time: 12:00 PM Agenda: 1. Review and endorse the financial statements for the second quarter ended on 30 June 2024. 2. Routine business discussions. Authorized Signatory: Nawal Ma’ally, Board Secretary Signature and Date: 8 August 2024 Company’s Seal
Al Fujairah National Insurance Company PJSC has released its unaudited condensed interim financial information for the period ending June 30, 2024.