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Emaar Development's Q3 net profit surges 19pc

DUBAI, November 14, 2018

Emaar Development, the UAE build-to-sell property development business of Emaar Properties, has recorded a 19 per cent jump in its net profit for the first nine months (anuary to September) which surged to Dh2.498 billion ($680 million), compared to the net profit of Dh2.11 billion ($573 million) during the same period in 2017.

Total revenue for the first nine months hit Dh10.03 billion ($2.73 billion), up 54 per cent over last year's figure of  Dh6.51 billion ($1.77 billion), said the company in a statement.

Highlighting the strong investor interest for Emaar's residential launches, the company has reported total sales worth Dh10.03 billion ($2.731 billion) during the first nine months.

Emaar Development said it now has a total sales backlog of Dh38.53 billion ($10.49 billion), which will be recognised as revenue in the next three to four years.

In the third quarter of 2018 (July to September), Emaar Development had reported a net profit of Dh682 million ($186 million) and revenue of Dh3.043 billion ($828 million), with a robust portfolio of projects nearing revenue recognition milestones.

At its general meeting held last month, Emaar Development had announced a special cash dividend worth Dh1.04 billion ($283.15 million), representing 26 per cent of the share capital (being 26 fils per share) to the company's shareholders.

During the first nine months, the build-to-sell property development business of Emaar, marked the sale of over 4,150 residential units in Dubai, which recorded positive investor response, including from international buyers, said a statement from the UAE firm.
The company now has a pipeline of eight residential destinations in Dubai that offer more than 26,500 homes currently under development. To date, it has handed over 35,100 residences in the emirate, with significant deliveries due in coming quarters, it added.

Chairman Mohamed Alabbar said: "The strong performance of Emaar Development underlines the strength of Dubai's property sector, driven by the robust economic fundamentals  of the  nation. Through our lifestyle destinations, we are offering world­class residential choices that stand out for their design and build quality."

"These developments also serve as dynamic hubs, with full-fledged amenities including retail and hospitality, which energise the economy and create new jobs and business opportunities," remarked Alabbar.

"Our successful strategy to unlock the true potential of Emaar's property development business has been aimed at delivering long-term value for our shareholders, and we will continue to focus on our core competency," he added.-TradeArabia News Service

Tags: Dubai | Net Profit | Emaar Development |

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