UAE’s Emaar Lifts Nine-Month Profit Before Tax 18%, Adds AED 4.4 Billion Special Dividend
Emaar Properties’ nine-month profit before tax rose 18% to AED 19.8 billion, and its shareholders have approved a one-time special dividend on top of the regular annual payout.
The quarter alone tells a slower story for shareholders. Third-quarter net profit rose 3.3%, against 16.8% for the nine months, as a heavier tax charge absorbed most of the growth. In The Edge’s reading, the special dividend is affordable rather than a sign of faster earnings: it takes a third of nine-month attributable profit, and the group’s cash outside customer escrow accounts covers it.
Emaar Development, the majority-owned build-to-sell arm that reports separately on the Dubai Financial Market, raised nine-month revenue 25.6% and net profit 24.0%. Its third quarter cooled in the same way, with net profit up 2.1%. As set out earlier, Emaar Properties intends to make a voluntary cash offer of AED 15 a share for the Emaar Development shares it does not already own. Its board gave the offer final approval on 5 November and approved the offer document for delivery to Emaar Development’s board; neither results release refers to the offer.
Third-quarter profit growth slows as the tax charge rises 86%
Group revenue rose 13.4% to AED 37.54 billion in the nine months to 30 September, according to the interim statements. The company credits project execution and the recognition of revenue from its existing backlog. Net profit attributable to the owners rose 16.0% to AED 13.29 billion. Earnings per share reached AED 1.50, from AED 1.30.
The third quarter added AED 13.63 billion of revenue, 2.7% more than a year earlier. Profit before tax for the quarter grew faster, by 10.6%. Income tax expense rose 86%, to AED 1.03 billion. The quarter’s effective tax rate was 14.7%, against 8.8% a year earlier. The tax note shows where the rise came from. Current income tax was AED 559.5 million in the quarter, against a net credit of AED 51.0 million a year earlier. The UAE domestic minimum top-up tax fell, to AED 462.2 million from AED 633.8 million.
Profit attributable to owners in the quarter rose 5.6% to AED 4.62 billion. The share belonging to minority holders fell 3.7%. Quarterly earnings per share were AED 0.52, against AED 0.49.
Associates and joint ventures contributed AED 1.13 billion over nine months, 4.45 times the year before. Excluding that line, profit before tax grew 13.2%, close to the pace of revenue. The gross margin edged up to 54.9% from 54.7%. The period also carries an impairment on non-financial assets of AED 150.6 million, against none a year earlier.
Emaar Properties, nine months (in AED billions)
| Measure | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Revenue | 37.54 | 33.11 | +13.4% |
| Gross profit | 20.62 | 18.11 | +13.9% |
| Profit before tax | 19.79 | 16.74 | +18.2% |
| Income tax | 2.68 | 2.10 | +27.8% |
| Net profit | 17.11 | 14.65 | +16.8% |
| Attributable | 13.29 | 11.45 | +16.0% |
From the unaudited interim condensed consolidated statements for the period ended 30 September 2026. Attributable means attributable to the owners of the company. Changes are computed on the statements’ figures in thousands.
Emaar Properties, third quarter (in AED billions)
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | 13.63 | 13.27 | +2.7% |
| Profit before tax | 6.99 | 6.32 | +10.6% |
| Income tax | 1.03 | 0.55 | +86.2% |
| Net profit | 5.96 | 5.77 | +3.3% |
| Attributable | 4.62 | 4.37 | +5.6% |
Three months to 30 September, from the same statements.
Sales reach AED 34.7 billion and the backlog grows 6%
Group property sales were AED 34.7 billion in the nine months, with 14 projects launched across Emaar’s master-planned communities. The revenue backlog from property sales stood at AED 158.8 billion at 30 September, up 6% on the year. That equals 4.2 times nine-month revenue.
In the UAE, property sales were AED 26.2 billion. Revenue from UAE property development, including Dubai Creek Harbour, rose 18% to AED 28.3 billion. The UAE backlog was AED 127.2 billion. Emaar handed over more than 4,800 homes in the country, and it says more than 80% of active UAE projects were ahead of schedule.
International sales rose 5% to AED 8.5 billion, with Egypt and India named as the key markets. International revenue rose 16% to AED 1.6 billion. The company puts that at an estimated 4.3% of group revenue.
Shopping malls, retail and commercial leasing raised revenue 10% to AED 5.2 billion. Their EBITDA rose 8% to AED 4.4 billion. Occupancy was an estimated 98%, according to the company. Hospitality was weaker: average UAE hotel occupancy fell to 63% from 80%, which the company attributes to lower international visitor numbers across the region, partly offset by domestic demand.
Recurring revenue of AED 7.6 billion was broadly in line with a year earlier. The recurring businesses supplied 30% of group EBITDA. Group EBITDA rose 19% to AED 19.7 billion. The company puts the EBITDA margin at 53%. The land bank is an estimated 604 million square feet, of which 315 million is in the UAE, the company said.
Emaar Development lifts nine-month profit 24%
Emaar Development’s revenue rose 25.6% to AED 22.16 billion. Net profit after tax rose 24.0% to AED 10.79 billion. Profit attributable to its owners grew faster, by 29.4% to AED 9.07 billion. Earnings per share rose to AED 2.27, from AED 1.75.
Its third quarter was softer. Quarterly revenue rose 14.4% to AED 8.82 billion, but the gross margin narrowed. It was 53.7% of revenue, against 56.5% a year earlier. Income tax expense more than doubled, and quarterly net profit rose 2.1% to AED 4.08 billion.
Over nine months, selling, general and administrative expenses rose 44.2%, faster than revenue. Joint ventures added AED 1.01 billion, 3.95 times a year earlier. The company says sales volumes moved at a measured pace in response to geopolitical developments, while it kept pricing firm.
Property sales were AED 26.2 billion. The backlog of AED 119.8 billion equals 5.4 times nine-month revenue. Advances from customers rose 15.1% from the end of 2025 to AED 29.44 billion, while cash was little changed.
Emaar Development (in AED billions)
| Measure | 2026 | 2025 | Change |
|---|---|---|---|
| 9M revenue | 22.16 | 17.64 | +25.6% |
| 9M net profit | 10.79 | 8.70 | +24.0% |
| 9M attributable | 9.07 | 7.01 | +29.4% |
| Q3 revenue | 8.82 | 7.71 | +14.4% |
| Q3 net profit | 4.08 | 4.00 | +2.1% |
| Total assets | 91.82 | 80.89 | +13.5% |
From Emaar Development’s interim condensed consolidated statements for the period ended 30 September 2026. Total assets compare 30 September 2026 with 31 December 2025.
The special dividend takes a third of nine-month attributable profit
Shareholders approved the special dividend at the General Assembly on 4 November: AED 4.4 billion, or AED 0.5 a share. That equals 50% of the share capital. The results release says the board approved the one-time payment, in addition to the regular annual dividend, citing the group’s earnings profile during the year. On 8.84 billion shares, it comes to AED 4.42 billion; The Edge’s ratios below use that figure.
The regular dividend for 2025 was AED 1 a share, AED 8.84 billion, paid after the annual meeting of 25 March 2026. With the special payout, distributions approved this year reach AED 13.26 billion.
The special dividend equals 33.3% of nine-month profit attributable to owners. It is also 8.6% of the AED 51.19 billion of cash at 30 September. Most of that balance, AED 43.77 billion, is customer advances deposited in escrow accounts, which the statements say are not under lien. Against the AED 7.41 billion outside escrow, the payout equals 59.6%. The total cash balance was 4.0% lower than at the end of 2025.
Operating cash flow fell 26.7% to AED 17.59 billion. Dividends, including those paid by subsidiaries to minority holders, absorbed AED 9.63 billion. The group also repaid AED 2.75 billion of sukuk. Borrowings and sukuk combined came to AED 7.62 billion, down from AED 9.81 billion at the end of 2025.
Emaar Properties, balance sheet (in AED billions)
| Measure | 30 Sep 2026 | 31 Dec 2025 | Change |
|---|---|---|---|
| Total assets | 197.67 | 186.70 | +5.9% |
| Cash | 51.19 | 53.30 | -4.0% |
| Customer advances | 45.51 | 40.72 | +11.8% |
| Total liabilities | 84.07 | 79.02 | +6.4% |
| Total equity | 113.60 | 107.68 | +5.5% |
From the same statements; 31 December 2025 figures are audited. Customer advances are advances from customers. Cash includes AED 43.77 billion of customer advances deposited in escrow accounts at 30 September 2026. Ernst & Young’s review report on the statements carries an unmodified conclusion.
What to watch: 12 November, the entitlement date for the special dividend; 13 November, when the shares go ex-dividend; 16 November, when the register closes, per the General Assembly disclosure. Emaar Properties holds its analysts’ earnings call on 9 November.
Method: figures are from Emaar Properties’ and Emaar Development’s interim condensed consolidated financial statements and results releases of 5 November 2026, filed on the Dubai Financial Market, and from Emaar Properties’ General Assembly results disclosure of 4 November 2026; percentages, ratios, multiples and sums not attributed to a source are The Edge’s calculations.
Sources: Emaar Properties, Emaar Development, Dubai Financial Market, The Edge.
