DUBAI / Emirates Business
Emaar Properties recorded a revenue of AED17.644 billion and net profit of AED4.442 billion in the first nine months of 2019, led by resilient performance of the property, malls and hospitality business.
Emaar recorded robust increase in net profit by 20 percent during the third quarter (July to September) of 2019 to AED1.331 billion ($362 million), compared to the net profit of AED 1.110 billion ($302 million) during the same period in 2018. Revenue of Emaar also grew by 14 percent to AED 6.075 billion ($1.654 billion) during third quarter of 2019, compared to revenue of AED 5.348 billion ($1.456 billion) during the same period last year.
Emaar recorded property sales of AED12.624 billion ($3.437 billion) in Dubai during the first nine months (January to September) of 2019, a growth of 25 percent compared to same period in 2018. This is the result of Emaar’s continued focus on its customers and quality of construction, which makes it the first choice for investors. This is a testament of why the company is ranked as number 1 among real estate companies and number 20 among all industries in the Forbes World’s best-regarded companies rankings.
The growth is attributed to the continuous interest from foreign investors in both residential and commercial developments as well as new, first-time home buyers entering the UAE property market.
Mohamed Alabbar, Chairman of Emaar Properties and Emaar Development, said: “Emaar’s results are driven by its key principles of having the best people working day and night to achieve utmost customer happiness through providing them superior product and services.”
Also, in these dynamic markets, maintaining superior performance is a key testimony of an excellent team and their continuous efforts to achieve efficiencies, superior product and financial results.”