The largest Dubai developer’s revenue rose 65% in a half-year

A developer's financial statements are not the most obvious reading for an apartment buyer, but they answer the main question: will the company finish what you are paying for?

First-half 2024 results

• Revenue: AED 7.3bn (about $2bn) — up 65% year on year.
• Operating profit before depreciation: AED 3.4bn ($922m) — up 47%.
• Market share: around 22%, which the company planned to hold through the second half.

Over nine months of the year, group revenue reached $4.2bn.

Why a buyer should know this

Off-plan housing is paid for in advance. The buyer is effectively lending to the construction and receives the goods in three or four years — so the seller's solvency matters, not only the beauty of the render.

• Rising revenue means money arriving for projects and the ability to fund the contractor.
• High margin gives a buffer against material cost inflation: the company can absorb a rise in build cost rather than halt construction.
• A steady market share is evidence of demand, and therefore of liquidity at resale.

What the statements do not show

Financial results do not guarantee that a particular project meets its dates: delays happen to large players too, most often because of a contractor or approvals. And they say nothing about finish quality — that is only checked by inspecting the developer's completed buildings.

Practical advice: before buying, go and look at a completed property by the same developer, preferably two or three years old. A newly handed-over building always looks good; the question is how it looks after a couple of years in use.