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Emaar Properties logs AED 1.7bn profit in Q1

Emaar Properties logs AED 1.7bn profit in Q1
The company generated AED 5.89 billion in revenues in Q1-19
Emaar
EMAAR
0.98% 8.23 0.08

Dubai – Mubasher: Emaar Properties posted a net profit of AED 1.742 billion (US$ 474 million) in the first quarter of 2019, compared to AED 1.62 billion ($442 million) in Q1-18.

The real estate giant generated AED 5.89 billion in revenues in Q1-19, similar to Q1-18 revenue, according to the company’s statement on Sunday.

Sales of the Dubai-based property developer increased by 53% to AED 5.97 billion during the three-month period ended 31 March, versus AED 3.9 billion in the same period of the previous year.

In the same vein, sales to international customers more than doubled in Q-19, registering AED 2.645 billion over the first three months of 2019.

“Our focus on timely project execution and cash flow generation underlines our market leadership. Emaar’s operational strategy of building premium residential assets, and expanding the malls, hospitality and entertainment operations to meet the aspirations of the new generation of customers continues to drive our growth,” Mohamed Alabbar, chairman of Emaar Properties, said.

Emaar Development, the local property development unit of the UAE-based real estate conglomerate, registered revenue of AED 3.341 billion ($910 million) in Q1-19, against AED 3.265 billion ($889 million) in the prior-year period, according to the statement.

During the first quarter of 2019, Emaar Malls, the malls unit of Emaar Properties, recorded a net profit of AED 584 million ($159 million), compared to AED 548 million ($149 million) in Q1-18.