Dubai – Mubasher: Emaar Development, the local property development unit of Emaar Properties, on Thursday reported a 42% year-on-year surge in profits for the full-year 2018.

Net profits amounted to AED 3.90 billion ($1.06 billion) in 2018, compared to AED 2.74 billion ($747 million) a year earlier, according to a filing to the Dubai Financial Market (DFM).

Total revenues hiked 74% to AED 15.4 billion for the year ended 31 December 2018, from AED 8.86 billion in the prior-year period.

As for the fourth quarter of 2018, profits of the leading developer of residential and commercial build-to-sell (BTS) assets in the UAE increased by 120% year-on-year, recording AED 1.403 billion ($ 382 million).

“The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the nation,” Mohamed Alabbar, chairman of Emaar Development, commented.

The company’s sales levelled up 60%, registering AED 4.210 billion ($ 1.146 billion) in Q4-18, the statement said.

Over the course of the previous year, the company sold up to 6,500 residential units in Dubai, which recorded positive investor response, including from international buyers.

“These developments also serve as dynamic hubs, with full-fledged amenities including retail and hospitality, which energise the economy and create new jobs and business opportunities,” Alabbar added.

Emaar is currently working on nine residential destinations in Dubai with over 29,800 homes.

Emaar Development’s board approved distributing cash dividends worth AED 1.04 billion ($ 283.15 million), or 26 fils per share, representing 26% of the share capital.

“Our successful strategy to unlock the true potential of Emaar’s property development business has been aimed at delivering long-term value for our shareholders, and we will continue to focus on our core competency,” Alabbar said.

It is worth noting that the company will launch a number of projects this year, including The Grand and Beach Vista among others.

By 11:34 am UAE time, Emaar Development’s stock rose 6.53% at AED 3.59.