Emaar’s Dubai arm posts Dh2.49b 9-month profit

This was built around the 4,150 plus homes developer delivered through the year

Sales of more than 4,150 new homes provided the foundation for Emaar Development’s Dh2.49 billion net profit for the first nine months, a gain of 19 per cent over last year. In the third quarter the net profit was Dh682 million.

This was built on year to end-September revenues of Dh10.03 billion, 54 per cent over 2017.

But revenues for the third quarter were down 8 per cent year-on-year to Dh3.04 billion from Dh3.31 billion, mirroring what has been an exceptionally difficult phase for the local property market. (Compared to the second quarter this year, the decline was 18 per cent.)

Emaar Development — which tallies all of the company’s Dubai-specific interests — has a robust pipeline of committed sales.

The sales backlog is now Dh38.53 billion, which will be recognised as revenue in the next three to four years.

Through this year, it maintained a steady flow of off-plan launches, which includes the Emaar Beachfront in Jumeirah.

It now has eight residential destinations in Dubai that have a combined 26,500 homes in development. To date, the company has handed over 35,100 residences in Dubai.

One of the these destinations, Dubai Creek Harbour, will see its first residents move in during the first quarter of 2019. It is also on schedule for the delivery of homes in Dubai Hills Estate, Emaar South and Downtown Dubai.

Emaar Development — which tallies all of the company’s Dubai-specific interests — has a robust pipeline of committed sales. The sales backlog is now at Dh38.53 billion.