Dubai – Mubasher: Emaar Development on Tuesday posted rises in its net profits and revenues for the first nine months of 2018, citing higher sales for Emaar’s residential projects.
Emaar Properties’ subsidiary logged AED 2.498 billion ($680 million) in the nine months to September 2018, up 19% year-on-year from AED 2.106 billion ($573 million), it said in a filing to the Dubai Financial Market (DFM).
Meanwhile, total revenues jumped 54% to AED 10.033 billion from AED 6.508 billion in the first nine months of 2017, while sales registered AED 10.030 billion during the nine months ended 30 September 2018, and Emaar Development cited strong investor demand and interest for Emaar’s residential projects are the reason for its strong sales.
Emaar Development’s strong performance underscores the emirate of Dubai’s robust property sector, backed by strong economic fundamentals of the country as a whole, commented Mohamed Alabbar, chairman of Emaar Development and Emaar Properties.
“Our successful strategy to unlock the true potential of Emaar’s property development business has been aimed at delivering long-term value for our shareholders, and we will continue to focus on our core competency,” he added in a comment about the company’s financial results.
By the end of September 2018, Emaar Development’s total sales backlog amounts to AED 38.53 billion ($10.49 billion), which will be recognised as revenue in the next three to four years, it revealed in its statement, noting that it sold over 4,150 residential units in Dubai.
As for Q3-18, the Dubai-listed developer achieved a net profit of AED 682 million and a revenue of AED 3.043 billion, citing a strong project portfolio that is nearing revenue recognition milestones.
In October, Emaar Development’s ordinary general meeting (OGM) approved a special dividend distribution of AED 1.04 billion, or 26 fils per share, representing 26% of the share capital as a special cash dividend to shareholders.
“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,” Emaar Development concluded.
