Emaar Properties (DFM: EMAAR) stock fundamentals

Gross margin was 50.5% in FY2022, 63.0% in FY2023, 57.4% in FY2024 and 54.9% in FY2025. Net margin was 27.4% in FY2022, 43.5% in FY2023, 38.1% in FY2024 and 35.5% in FY2025. Both margins rose in each year to FY2023, then eased in FY2024 and FY2025.

Revenue fell by 10.6% in FY2022 against the restated FY2021 base, then grew by 7.3% in FY2023. Growth was 32.7% in FY2024 and 39.6% in FY2025. Net income here is the profit attributable to the owners of the parent, while revenue covers the whole group. Emaar's income statement prints no operating profit subtotal, so we show no operating margin for the company.

Net cash was AED 36.5 billion at 30 Sep 2025, AED 43.5 billion at 31 Dec 2025 and AED 46.2 billion at 31 Mar 2026. Cash and cash equivalents were AED 46.5 billion, AED 53.3 billion and AED 55.5 billion on those dates. Total debt stayed between AED 9.29 billion and AED 10.0 billion across the four quarter ends. Most of the movement in net cash therefore came from cash, not borrowing.

Cash here means cash and cash equivalents, including fixed deposits with an original maturity of three months or less. The Financials page labels this row "Cash and short-term investments", but for Emaar it holds cash and cash equivalents only. Short-term deposits, which the H1 2026 statements carry as other financial assets, are not in it, so net cash leaves them out. Total debt adds interest-bearing loans and borrowings to sukuk and leaves out lease liabilities.

The balance sheet says nothing about why cash rose or fell, so we offer no reason for these moves. The Emaar Properties financial statements page sets out the quarterly balance sheet in full. The DEWA stock fundamentals page covers a utility listed on the same exchange that also reports in dirhams.

The FY2022 statements say management re-evaluated its control over an entity once classed as a subsidiary.^[7] It concluded that the two shareholders have joint control and applied the equity method retrospectively.^[7] The restatement changed the 2021 figures for revenue, cost of revenue, gross profit, selling, general and administrative expenses, net interest and pre-tax income.

Pre-tax income for FY2021 is AED 6.09 billion as restated, against AED 6.12 billion first reported. Gross profit is AED 11.6 billion as restated, against AED 11.8 billion first reported. The FY2021 gross and net margins above rest on the restated lines, and our methodology explains how we mark restated and derived figures.

A second change sits in the net cash figures above. The statements for H1 2026 say certain comparative amounts have been reclassified, without naming them.^[1] They print cash and cash equivalents at 31 Dec 2025 of AED 53.3 billion, against AED 52.6 billion in the FY2025 statements. Our tables mark the 31 Dec 2025 cash and net debt cells R and carry the later figure.