Emaar Development, owned by Emaar Properties, has recorded a growth in net profit of 19 percent during the first nine months of 2018, to AED2.498 billion (US$680 million), compared to AED2.106 billion (US$573 million) during the same period in 2017.
Total revenue for the first nine months is AED10.033 billion (US$2.732 billion), an increase of 54 percent over the revenue of AED6.508 billion (US$1.772 billion) during the corresponding period last year.
Highlighting the strong investor interest for Emaar’s residential launches, the company reported total sales worth AED10.030 billion (US$2.731 billion) during the first nine months of 2018. Emaar Development now has a total sales backlog of AED38.53 billion (US$10.49 billion), which will be recognized as revenue in the next three to four years.
Commenting on the net profit, Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, 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 world-class 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.”
In the third quarter of 2018, Emaar Development reported a net profit of AED682 million (US$186 million) and revenue of AED3.043 billion (US$828 million), with a robust portfolio of projects nearing revenue recognition milestones.
At its General Meeting, held in October, Emaar Development announced the distribution of AED1.04 billion (US$283.15 million), representing 26 percent of the share capital being 26 fils per share, as special cash dividend to the company’s shareholders.
During the first nine months of 2018, Emaar Development marked the sale of over 4,150 residential units in Dubai, which recorded positive investor response, including from international buyers. Emaar Development now has a pipeline of eight residential destinations in Dubai that offer over 26,500 homes currently under development.