Emaar posts Dhs 4.347b net profit in nine months

The Gulf Today - Business - - FRONT PAGE -

DUBAI: Emaar Prop­er­ties recorded a net profit of Dhs4.347 bil­lion ($1.184 bil­lion) dur­ing the first nine months (Jan­uary to Septem­ber) 2017, reg­is­ter­ing an in­crease of 20 per cent over the net profit of Dhs3.620 bil­lion ($986 mil­lion) dur­ing the same pe­riod in 2016. Rev­enue for the first nine months was Dhs13.452 bil­lion ($4.182 bil­lion), 21 per cent higher than the rev­enue of Dhs11.103 bil­lion ($3.023 bil­lion) dur­ing the same pe­riod last year.

Emaar’s build-to-sale real es­tate busi­nesses in UAE, Emaar De­vel­op­ment, recorded rev­enues of Dhs6.508 bil­lion ($1.772 bil­lion), ac­count­ing for 48 per cent of the to­tal rev­enue, and an in­crease of 27 per cent com­pared to first nine months of 2016. Emaar De­vel­op­ment LLC’S nine months 2017 net profit of Dhs2.106 bil­lion ($573 mil­lion) marks an in­crease of 32 per cent over the same pe­riod last year.

Emaar’s shop­ping malls, hospi­tal­ity and leisure busi­nesses recorded rev­enues of Dhs4.444 bil­lion ($1.210 bil­lion), sim­i­lar to the first nine months of 2016. Emaar’s in­ter­na­tional prop­erty de­vel­op­ment op­er­a­tions con­trib­uted Dhs2.559 bil­lion ($697 mil­lion) to the to­tal rev­enue, an in­crease of 51 per cent com­pared to Dhs1.696 bil­lion ($462 mil­lion) dur­ing the first nine months of 2016. In­ter­na­tional prop­erty de­vel­op­ment rev­enue now rep­re­sents 19 per cent of the to­tal rev­enue.

Re­port­ing quar­ter-on-quar­ter growth, Emaar’s net profit for the third quar­ter (July to Septem­ber) 2017 was Dhs1.510 bil­lion ($411 mil­lion), a growth of 32 per cent over the net profit of Dhs1.145 bil­lion ($312 mil­lion) dur­ing Q3 2016. Rev­enue for Q3 2017 was Dhs5.586 bil­lion ($1.521 bil­lion), 45 per cent higher than the Q3 2016 rev­enue of Dhs3.846 bil­lion ($1.047 bil­lion).

Emaar has an­nounced its in­ten­tion to pro­ceed with the sale of 20 per cent of the ex­ist­ing shares of Emaar De­vel­op­ment, its build-tosell prop­erty de­vel­op­ment busi­ness in the UAE via an ini­tial pub­lic of­fer­ing on the Dubai Fi­nan­cial Mar­ket.

Mo­hamed Alab­bar, Chair­man of Emaar Prop­er­ties, said the com­pany’s strate­gic fo­cus is on creat­ing long-term value for its share­hold­ers. “The par­tial list­ing of Emaar De­vel­op­ment and the pro­posed spe­cial div­i­dends to be dis­trib­uted from its pro­ceeds high­light the con­tin­ued value that we bring to our share­hold­ers. The con­fi­dence of our stake­hold­ers and in­vestors in our ca­pa­bil­i­ties is our in­spi­ra­tion and driv­ing force, as we con­tinue to fo­cus on creat­ing pre­mium real es­tate as­sets and strengthen our shop­ping malls and hospi­tal­ity busi­nesses.”

He added: “The im­pres­sive growth in sales of our Dubai res­i­den­tial prop­erty launches this year puts us in a strong po­si­tion to gen­er­ate strong cash flows for the com­ing years. The sus­tained de­mand for projects in Dubai is a strong in­di­ca­tor of the in­vestor trust in Dubai, which is to­day one of the fastest-grow­ing hubs for busi­ness and leisure, led by the guid­ance and strate­gic vi­sion of His High­ness Sheikh Mo­hammed Bin Rashid Al Mak­toum, UAE Vice Pres­i­dent and Prime Min­is­ter and Ruler of Dubai. With sev­eral mega-devel­op­ments in var­i­ous stages of de­vel­op­ment, we will con­tinue to cre­ate iconic projects that add to the pride of the city.”

Emaar’s strate­gic fo­cus is on creat­ing long-term value for its share­hold­ers.

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