Dubai – Mubasher: Emaar Development on Tuesday posted positive results and performance for the full-year 2017.
The Dubai-based subsidiary of Emaar Properties achieved a 30% surge in net profits to AED 2.74 billion ($747 million) from AED 2.11 billion ($575 million) in 2016.
Meanwhile, its revenues for 2017 rose 28% year-on-year to AED 8.86 billion ($2.41 billion) from AED 6.89 billion ($1.88 billion) in 2016, a statement by Emaar Development showed.
The build-to-sell property development business majority-owned by Emaar Properties recorded a sales backlog of AED 41 billion ($11 billion) as of 31 December 31, which highlights its “robust fundamentals with more than 24,000 residential units to be delivered over the next four years.”
Moreover, sales grew 25% year-on-year to AED 18.03 billion in 2017 from AED 14.41 billion, the company said, indicating that sales growth was “driven by the launch of 9,531 residential units in about 21 new residential developments in various master-planned developments.”
Commenting on the company’s achievements, Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said that this positive performance was an indicator of the company’s potential “to shape the cities of the future in the UAE.”
In the final quarter of 2017, Emaar Development made its successful initial public offering (IPO) and subsequent listing on the Dubai Financial Market (DFM), marking the largest listing since 2014 and the third largest offering on DFM.
“With the IPO and listing of Emaar Development, we are creating long-term value for our shareholders,” Alabbar added.
Emaar Development “now has a significant landbank of over 167 million square foot of gross floor area (GFA) for build-to-sell (BTS) assets in UAE, positioning the company to capitalise on the further growth of Dubai’s residential property sector,” the statement to the DFM showed.
Since 2002, Emaar Development has handed over north of 34,700 residential units.
