Emaar Properties reported a 17 percent rise in net profit after tax to Dh17.1 billion for the first nine months of 2026, the Dubai-listed developer said Thursday, as higher property revenue and steady income from shopping malls and recurring businesses offset pressure on its hospitality operations, according to Gulf News.
Revenue climbed 13 percent to Dh37.5 billion from Dh33.1 billion a year earlier, while net profit before tax rose 18 percent to Dh19.8 billion and EBITDA gained 19 percent to Dh19.7 billion. The board approved a one-time special dividend of Dh4.4 billion, equivalent to 50 fils per share, on top of the regular annual payout.
The results came a day after Emaar announced plans to acquire the remaining stake in its listed subsidiary Emaar Development, in which it already holds more than 79 percent, through a voluntary cash offer of Dh15 per share. The proposed buyout would be worth up to Dh12.6 billion, roughly $3.4 billion, and remains subject to board approval.
Emaar’s group property sales reached Dh34.7 billion for the nine months, and its revenue backlog from previously sold units stood at Dh158.8 billion at the end of September, up 6 percent year on year. That backlog, representing sales not yet recognised as revenue, gives the developer contracted visibility over earnings as construction and handovers continue.
The residential subsidiary drove much of the performance. Emaar Development’s net profit after tax jumped 24 percent to Dh10.8 billion on revenue of Dh22.2 billion, up 26 percent, with EBITDA of Dh11.4 billion at a 52 percent margin. The subsidiary recorded Dh26.2 billion in property sales and a Dh119.8 billion backlog, though it described sales as taking a measured pace amid evolving geopolitical conditions.
Investors welcomed the numbers. Emaar shares rose 1.8 percent to Dh12.52 on the Dubai Financial Market on Thursday, extending a 4.41 percent jump in the previous session, though the stock remains down about 11 percent since the start of the year.
For Dubai’s property sector, the results reinforce how strongly the developer segment is performing relative to the broader economy, even as regional conflict and airspace disruptions weigh on tourism-linked businesses. Analysts will watch how the buyout offer is priced against subsidiary fundamentals and whether the consolidation simplifies the group structure for investors.
The special dividend adds another layer to the story. Dh4.4 billion in additional payouts, on top of the regular annual dividend, underscores how cash-generative the development model remains, with off-plan sales collected years before delivery converting into distributions. Retail investors on the Dubai Financial Market, who hold a meaningful share of the free float, have been the direct beneficiaries, though the stock’s double-digit decline since January shows how geopolitical risk has discounted even strong fundamentals.
Hospitality remains the drag. Emaar’s hotels and leisure businesses have felt the effects of regional conflict, which has disrupted flight patterns and travel demand at times during the year. The company’s recurring income segments, including its malls portfolio anchored by The Dubai Mall, have continued to perform, supported by record tourist spending and resilient resident footfall.
The buyout of Emaar Development, if completed, would consolidate one of the region’s most profitable residential businesses directly under the parent, a structure analysts have long argued undervalued the subsidiary’s earnings because of its minority listing. Minority shareholders in Emaar Development would receive Dh15 per share under the proposed voluntary offer, a premium the market will test against the subsidiary’s 52 percent EBITDA margin and contracted backlog.
