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Emaar Development records AED 751m profit in Q1; sales surge to AED 5.9bn

Emaar Development records AED 751m profit in Q1; sales surge to AED 5.9bn
Emaar Development launched eight new projects in Q1-19
Emaar Development
EMAARDEV
-1.53% 3.87 -0.06

Dubai – Mubasher: Emaar Development recorded a surge of 51% in sales during the first three months of 2019 when compared to the first quarter last year.

The UAE company achieved a value of AED 5.902 billion ($1.60 billion) as one of the highest quarterly sales during Q1-19, compared to AED 3.90 billion ($1.06 billion) in Q1-18, according to a bourse disclosure on Monday.

From January to March 2019, Emaar Development, the local property development unit of Emaar Properties, achieved a net profit of AED 751 million ($204 million), while revenues totalled AED 3.34 billion ($910 million) in Q1-19.

During the first quarter this year, Emaar Development launched eight new projects at a total value of AED 4.362 billion ($1.188 billion).

“Dubai’s robust economic performance, strong fundamentals, and promising future outlook and the forward-looking policies to energise the property market, including the provision of long-term visas, continue to drive investor interest, enabling us to add consistent value for our stakeholders,” chairman of Emaar Development and Emaar Properties Mohamed Alabbar said, according to the bourse disclosure.