Emaar's 9-month net profit surges 28% to Dh5.26 billion

Dubai - Emaar's shopping malls, hospitality and leisure businesses recorded revenues of Dh5.186 billion during the nine months of the year.

Emaar Properties reported a 28 per cent increase in net profits on Wednesday, in the first 9 months of 2018.
The leading real estate company said that it recorded a 30 per cent surge in revenue at Dh17.39 billion during January-September 2018 period.
The net profit for the first 9 months surged to Dh5.262 billion prior to considering the effect of the IPO of Emaar Development and forex movement, compared to the net profit of Dh4.102 billion during the same period last year.
In a statement, the developer, ranked as the world's largest property company outside China, said its revenue growth was driven by the robust growth achieved by Emaar Development, the UAE build-to-sale property development business majority owned by Emaar, as well as the impressive performance by Emaar Malls.
"Our commitment to our customers and stakeholders is to create continued value, which reflects in the strong performance of our core businesses. We focus on continuously evolving our businesses to meet the aspirations of today's customers. By investing in digital technology and by innovating new lifestyle environments, we are creating assets that shape the future," said Mohamed Alabbar, Chairman of Emaar Properties.
Emaar's build-to-sale real estate businesses in UAE, Emaar Development, recorded revenues of Dh10.033 billion, accounting for 58 per cent of the total revenue. This is an increase of 54 per cent compared to first nine months of 2017.
Emaar's shopping malls, hospitality and leisure businesses recorded revenues of Dh5.186 billion during the nine months of the year, 17 per cent higher compared to the same 2017 period. Emaar's international property development operation contributed Dh2.186 billion to the total revenue during the nine-month period of the year.
Emaar Development recorded total sales of Dh10.030 billion during the period, and now has a total sales backlog of Dh38.527 billion, which will be recognised as revenue in the next three to four years. Emaar Development also announced to distribute a special (interim) cash dividend of Dh1.040 billion to its shareholders, equivalent to 26 per cent of its share capital.
Emaar currently has over 26,500 units under development in UAE. To date, Emaar has delivered more than 35,100 residences in Dubai and over 49,500 residences including the hand-overs in other international markets.
Dubai Creek Harbour, described as 'The World of Tomorrow', will come to life in the first quarter of 2019 with the hand-over of the first homes in its Creek Island Dubai.
Emaar Malls recorded revenues of Dh3.23 billion in the nine-month period, 29 per cent higher than the revenue for the same 2017 period. "One of the largest mall operators in the world with a total gross leasable area of 6.7 million square foot, Emaar Malls assets have occupancy levels of 93 per cent and welcomed 99 million visitors during the first nine months of 2018," said the statement.
Revenue from Emaar's hospitality, commercial leasing and entertainment businesses was Dh1.954 billion during the first nine months of 2018, similar to the revenue of Dh1.944 billion during the same period in 2017.
issacjohn@khaleejtimes.com
 

• Dubai