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Emaar Properties' Q3 profit climbs 36%
The Dubai Creek Harbour is one among Emaar Properties' major projects under way in Dubai.
dubai - The builder of Burj Khalifa makes a net profit of Dh1.14 billion in the July-September quarter in 2016
The builder of the world's tallest tower made a net profit of Dh1.14 billion in the July-September quarter in 2016 compared to Dh843 million in the same quarter last year. The third-quarter revenue climbed 16 per cent to Dh3.84 billion.
Sico Bahrain and EFG Hermes forecast Emaar would make a quarterly profit of Dh1.20 billion and Dh1.33 billion respectively.
The developer, in which Dubai's government owns a minority stake, further said its nine-month net profit soared 19 per cent to Dh3.62 billion compared to Dh3.04 billion in the corresponding period last year.
The Dubai-based property giant said its nine-month revenue increased by 13 per cent to Dh11.10 billion from Dh9.84 billion in the similar period last year.
The combined revenue from the shopping malls, retail, hospitality and leisure businesses during the first nine months of 2016 stood at Dh4.278 billion, similar to the same period in 2015, despite the ongoing development at The Address Downtown Dubai hotel this year. Today, these two business segments account for 39 per cent of Emaar's total revenue.
Emaar's international operations recorded revenue of Dh1.696 billion during January-September 2016 and accounted for 15 per cent of the total revenue. The Dubai Financial Market-listed firm said its total sales surged 28 per cent to Dh14.68 billion during the first nine months of 2016. The developer said it has a backlog of Dh47.576 billion that will be recognised in the next few years.
"Our focus for 2016 has been to maximise operational efficiency and drive profitability, while strengthening our revenue stream through new developments in prime real estate assets, malls and hotels in Dubai," Mohamed Alabbar, chairman of Emaar Properties, said.
Emaar also recorded a significant growth in property sales in Dubai, its primary market. During the first nine months of 2016, sales from its launches in its home market accounted for Dh11.6 billion, reflecting a 54 per cent sales growth.
- muzaffarrizvi@khaleejtimes.com
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