Emaar Development net profit climbs 30%

dubai — Emaar Development, a subsidiary of Emaar Properties, on Tuesday said its 2017 net profit grew 30 per cent to Dh2.74 billion compared to Dh2.11 billion in the previous year on the back of increased sale. The strong results boosted the company’s shares to all-time high of Dh5.57 on Tuesday.

The company said its total revenue grew 28 per cent to Dh8.86 billion compared to Dh6.89 billion in 2016. It reported total sales of Dh18.03 billion, a growth of 25 per cent as compared to Dh14.41 billion in 2016, driven by the launch of 9,531 residential units in about 21 new residential developments in various master-planned developments.

The company has a sales backlog of Dh41 billion as of December 31, 2017. It aims to deliver more than 24,000 residential units over the next four years. Emaar Development has handed over more than 34,700 residential units since 2002. It now has a landbank of over 167 million sqft of gross floor area for build-tosell (BTS) assets in UAE.

“The positive performance of Emaar Development highlights the potential of the company to shape the cities of the future in the UAE. We will continue to focus on building iconic developments that catalyse the economy,” said Mohamed Alabbar, chairman, Emaar Development and Emaar Properties.

Its expenses increased 12 per cent to Dh646 million at the end of December 31, 2017. The company said its all the new launches in 2017, with a total project sales value of Dh20.08 billion (including sold and unsold units), recorded strong investor response.

Listed on the Dubai Financial Market in fourth quarter of 2017, Emaar Development shares gained 0.04 per cent to hit its all-time high of Dh5.75 on Tuesday. Its counter traded 1.68 million shares worth Dh9.68 million in 60 trades.

— waheedabbas@khaleejtimes.com