February 13, 2025 12:04 GMT
EM CEEMEA CREDIT: EMAAR: FY24 Results
EM CEEMEA CREDIT
EMAAR (EMAAR: Baa2/BBB/-)
FY24 Results
- Solid results from Emaar, we expect these to be supportive for spreads.
- FY24 Revenues +33% YoY to AED35.5bn vs BBG estimates to AED32.8bn. The main driver for growth was the development business which grew revenues +61% YoY to AED19.1bn.
- EBITDA for FY24 grew 20% YoY to AED19.3bn and net income +18% YoY to AED17.5bn.
- Only Income statement details at the moment, but we don’t expect any issues with the balance sheet given the co. has ample liquidity and is net cash positive.
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