Emaar Development posts 54% growth in revenue

19%

Jump in 9-month net profit to Dh2.49 billion

dubai — Emaar Development has recorded a growth in net profit of 19 per cent during the first 9 months of 2018 to Dh2.498 billion, compared to the net profit of Dh2.106 billion during the same period in 2017.

Total revenue for the first 9 months is Dh10.033 billion, an increase of 54 per cent over the revenue of Dh6.508 billion during the corresponding period last year. Highlighting the strong investor interest for Emaar’s residential launches, the company reported total sales worth Dh10.030 billion during the first nine months of 2018. Emaar Development now has a total sales backlog of Dh38.53 billion, which will be recognised as revenue in the next three to four years.

In the third quarter of 2018, Emaar Development reported a net profit of Dh682 million and revenue of Dh3.043 billion, with a robust portfolio of projects nearing revenue recognition milestones. In October, Emaar Development announced the distribution of Dh1.04 billion, representing 26 per cent of the share capital being 26 fils per share, as special cash dividend to the company’s shareholders.

During the first nine months of 2018, Emaar Development marked the sale of over 4,150 residential units in Dubai, which recorded positive investor response, including from international buyers. Emaar Development now has a pipeline of eight residential destinations in Dubai that offer over 26,500 homes currently under development. To date, the company has handed over 35,100 residences in Dubai, with significant deliveries due in coming quarters.

Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said the strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the nation.

“Through our lifestyle destinations, we are offering world-class residential choices that stand out for their design and build quality. 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.”

Emaar Development is supporting investors with innovative home financing. Through its partnership with Dubai Islamic Bank, investors have the potential to earn greater than 10 per cent return on investment. Among several benefits, customers can benefit from extended 25-year financing, with zero per cent financing cost for the first five years.