Emaar Properties' Q3 net profit up 20% to Dh1.331b
Emaar Properties, on Sunday, reported a 20 per cent increase in net profit during the third quarter of 2019 to Dh1.331 billion, compared to a net profit of Dh1.110 billion during the same period in 2018.
The company's revenue also grew by 14 per cent to Dh6.075 billion during the third quarter of the year, compared to a revenue of Dh5.348 billion during the same period last year. Emaar recorded property sales of Dh12.624 billion in Dubai during the first nine months of 2019, a growth of 25 per cent compared to the same period in 2018. Officials noted that 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."
Emaar also recorded a revenue of Dh17.644 billion and a net profit of Dh4.442 billion in the first nine months of 2019, led by a resilient performance of the property, malls, and hospitality business.
Emaar Development recorded a net profit of Dh2.07 billion and revenue of Dh9.625 billion for the first nine months of the year. During the same period, Emaar Development launched 19 new projects across its mega developments in Dubai with a total project value of Dh10.127 billion. Highlighting Emaar's strong brand value, the company has sold over 70 per cent of its units launched in first nine month of 2019. During 2019, Emaar launched properties in the newly launched master-planned community of Arabian Ranches III, Emaar Beachfront, and Dubai Hills Estate. It also launched Ease by Emaar, a property management services, helping investors of South Beach at Emaar Beachfront capitalise on an emerging business model of short-term rentals and earn substantial returns.
Emaar Development has also entered into a new joint venture for master-planned development 'The Valley', a Dh25 billion ($7 billion) project located on Dubai - Al Ain Road.
Meanwhile, Emaar Malls also recorded a six per cent increase in revenue to Dh3.412 billion during the first nine months of 2019, compared to the same period in 2018. Net profit has also increased by six per cent to Dh1.732 billion compared to the same period last year. Emaar's hospitality & leisure, entertainment and commercial leasing business, along with Emaar Malls, posted a revenue of Dh5.259 billion, representing 30 per cent of the total group revenue. Emaar's international property development operations recorded a 22 per cent increase in revenue to Dh2.673 billion during the first nine months of 2019, compared to revenue of Dh2.185 billion during the same period in 2018.
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