Thursday 13 December 2018
 
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ROBUST RETAIL, PROPERTY GROWTH

Emaar's nine-month revenue surges 30pc to $4.73bn

DUBAI, 28 days ago

Emaar Properties has recorded a revenue of Dh17.39 billion ($4.735 billion) in the first nine months, up 30 per cent higher than the revenue of Dh13.351 billion ($3.635 billion) last year.

This was led by the robust growth achieved by Emaar Development, the UAE build-to-sale property development business majority owned by Emaar, as well as the impressive performance by Emaar Malls.

Announcing the results for the first nine months (January to September), Emaar said its net profit hit Dh5.262 billion ($1.433 billion), thus registering a growth of 28 per cent, prior to considering the effect of the IPO of Emaar Development and forex movement, compared to the net profit of Dh4.102 billion ($1.117 billion) during the same period last year.

Emaar's build-to-sale real estate businesses in UAE, Emaar Development, recorded revenues of Dh10.033 billion ($2.732 billion), accounting for 58 per cent of the total revenue.

This is an increase of 54 per cent compared to first nine months of 2017. Emaar Development's net profit increased by 19 per cent to Dh2.498 billion ($680 million) over same period last year, said the Dubai developer in its statement.

Emaar's shopping malls, hospitality and leisure businesses recorded revenues of Dh5.186 billion ($1.412 billion) during the nine months of the year, 17 per cent higher than revenue of Dh4.444 billion ($1.210 billion) during the same period last year, which represents 30 per cent of the total revenue.

Emaar's international property development operation contributed Dh2.186 billion ($595 million) to the total revenue during nine-month period of the year, which represents 13 per cent of the total revenue.

On the solid performance, Chairman Mohamed Alabbar said: "Our commitment to our customers and stakeholders is to create continued value, which reflects in the strong performance of our core businesses. We focus on continuously evolving our businesses to meet the aspirations of today's customers."

"By investing in digital technology and by innovating new lifestyle environments, we are creating assets that shape the future," he added.

Backed by strong investor interest in Emaar's premium property development in the UAE, Emaar Development recorded total sales of Dh10.030 billion ($2.731 billion) during the period. It now has a total sales backlog of Dh38.527 billion ($10.489 billion), which will be recognised as revenue in the next three to four years, said Emaar in its statement.

Emaar Malls recorded revenues of Dh3.232 billion ($880 million), during the first nine months of 2018, up 29 per cent over the same period last year at Dh2.5 billion ($681 million).

One of the largest mall operators in the world with a total gross leasable area of 6.7 million square foot, Emaar Malls assets have occupancy levels of 93 per cent and welcomed 99 million visitors during the first nine months of 2018, it added.

Revenue from Emaar's hospitality, commercial leasing and entertainment businesses was Dh1.954 billion ($532 million) during the first nine months of 2018, similar to the revenue of Dh1.944 billion ($529 million) during the same period in 2017.

Emaar Hospitality brands – Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels – continued to record higher occupancy than Dubai's industry average, said the statement.

Emaar today has 19 operational hotels and four serviced residences in Dubai and internationally, in addition to over 35 upcoming hotel projects in key cities globally.

Emaar is today ranked as the world's largest property company outside China, with a brand value of over $2.7 billion, making it the first choice for international investors seeking high-value returns.

Emaar is also among the top 10 brands in the Middle East led by its strategic new developments, with its brand value increasing by 39 per cent in the past year, it added.-TradeArabia News Service




Tags: Dubai | Emaar Properties | Revenue | Emaar Malls |

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