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Emaar Properties’ profits hit AED 5.26bn in 9M

Emaar Properties’ profits hit AED 5.26bn in 9M
Emaar Properties’ profits hit AED 5.26bn in 9M
Emaar
EMAAR
0.25% 8.17 0.02

Dubai – Mubasher: Emaar Properties on Wednesday said its net profits and revenues had grown over the course of the first nine months of 2018 on the back of the initial public offering (IPO) of Emaar Development and foreign exchange movements.

The Dubai-based and listed developer logged a 28% year-on-year growth in net profits to AED 5.262 billion ($1.433 billion) from AED 4.102 billion ($1.117 billion), it said in a statement.

Meanwhile, revenues surged 30% to AED 17.390 billion between January and September 2018 from AED 13.351 billion in the same period of 2017.

On Wednesday, Emaar Properties’ build-to-sale subsidiary Emaar Development reported AED 2.498 billion ($680 million) in profits during the first nine months of 2018, up 19% year-on-year from AED 2.106 billion ($573 million), while its revenues grew 54%to AED 10.033 billion on stronger investor demand and interest for Emaar’s residential projects which resulted in higher sales.

Emaar Development’s revenues made up 58% of the mother company’s total revenues.

“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,” commented Emaar Properties chairman Mohamed Alabbar.

Between January and September, Emaar Development launched several residential projects such as Beach Vista, Sunrise Bay and Marina Vista in Emaar Beachfront, Grande in Downtown Dubai, The Grand in Dubai Creek Harbour and Socio, Collective and Golf Place in Dubai Hills Estate.

“With these launches, Emaar currently has over 26,500 units under development in the 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,” it said.

“By investing in digital technology and by innovating new lifestyle environments, we are creating assets that shape the future,” Alabbar added.

Emaar Properties previously posted an 18% year-on-year growth in net profit to AED 3.344 billion ($910 million) in the first six months of 2018, while its revenues jumped 46% to AED 11.474 billion from AED 7.87 billion in H1-17.