Monday , July 23 2018

Emaar profit hits AED1.7bn

DUBAI / WAM

Emaar Properties recorded revenue for the first three months of 2018 of AED5.586 billion ($1.521 billion), 37 percent higher than Q1 2017 revenue of AED4.072 billion ($1.109 billion). This was led by significant progress achieved on projects under construction and the growth in malls and hospitality businesses.
Emaar’s net profit grew by 20 percent to AED1.665 billion ($453 million), prior to considering the effect of the IPO of Emaar Development compared to the net profit of AED1.384 billion ($377 million) during the same period in 2017. The net profit subsequent to considering impact of Emaar Development IPO in 2017 is AED1.501 billion ($409 million) for the period, an increase of 8.5 percent over the same period last year.
Emaar Development recorded strong property sales of AED3.906 billion ($1.063 billion) during Q1 2018. Emaar Development now has a backlog of AED41 billion ($11 billion), highlighting the strong revenue recognition in the coming years. Emaar’s shopping malls, hospitality and leisure
and entertainment businesses together gene- rated recurring revenue of AED1.833 billion ($499 million) during Q1 2018, accounting for 33 percent of the total Group revenue. This is 15 percent higher than the Q1 2017 revenue of AED1.592 billion ($433 million) from these business entities.
Emaar Properties distributed total cash dividend of AED4 billion ($1.089 billion) from the proceeds of the successful IPO of Emaar Development, in two tranches to the company’s shareholders.

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