Dubai – Mubasher: Emaar Properties, listed on the Dubai Financial Market (DFM), reported a 30% profit increase in 2018, according to the company’s statement.

The UAE firm’s profits amounted to AED 7.216 billion ($1.965 billion) in 2018, compared to AED 5.561 billion ($1.514 billion) in 2017, before considering the effect of the initial public offering (IPO) of Emaar Development and forex movement.

The real estate developer’s revenues grew 37% to AED 25.694 billion last year, versus AED 18.752 billion in the prior year.

During the fourth quarter of 2018, the UAE-based firm’s profits rose 34% year-on-year to AED 1.954 billion, from AED 1.456 billion, prior to taking into consideration the impact of Emaar Development’s IPO and forex movement.

Emaar Properties’ revenues jumped 53% to AED 8.304 billion during the October-December period of 2018, compared to AED 5.432 billion in the year-ago period.

Emaar Properties distributed an exceptional cash dividend of AED 4 billion for 2018, while Emaar Malls and Emaar Development distributed a cash dividend of AED 1.301 billion and special interim dividend of AED 1.040 billion in 2018, respectively.

“Our strategy for 2018 was to launch and build premium real estate assets that gained strong investor response from regional and international markets,” Emaar Properties’ chairman Mohamed Alabbar said.