Dubai / WAM
Emaar Properties on Sunday reported a significant year-on-year increase in both profits and Dubai property sales in the period from January until the end of September. The property recorded AED4.347 billion ($1.184 billion) in net profits in the first nine months of 2017, up 20 percent from AED3.620 billion ($986 million) during the corresponding period of 2016.
Meanwhile, revenues grew
21 percent year-on-year to AED13.452 billion ($4.182 billion) between January and September from AED11.103 billion ($3.023 billion), Emaar revealed in a statement. As for its subsidiaries, its build-to-sale real estate business Emaar Development LLC recorded AED6.508 billion, making up 48 percent of Emaar Properties’ total revenues and registering a 27 percent rise from the first nine months of 2016.
Emaar Development LLC’s net profit for the nine months 2017 amounted to AED2.106 billion ($573 million), a rise of 32 percent year-on-year, the statement showed. Meanwhile, its shopping malls, hospitality, and leisure businesses saw revenues of AED4.444 billion, which is similar to date reported during the first nine months of 2016.
“The impressive growth in sales of our Dubai residential property launches this year puts us in a strong position to generate strong cash flows for the coming years. The sustained demand for projects in Dubai is a strong indicator of
the investor trust in Dubai,”
commented Emaar Properties
chairman Mohamed Alabbar.
The Dubai-based developer’s international property development operations contributed AED2.56 billion to its total revenue, up 51 percent from AED1.69 billion in the first three quarters of 2016. “International property development revenue now represents 19 percent of the total revenue,” Emaar stated.