Dubai – Mubasher: Emaar Properties on Tuesday reported a 20% year-on-year rise in its net profits for the first quarter 2018.
Net profits amounted to AED 1.66 billion ($453 million) before considering the impact of Emaar Development’s initial public offering (IPO), up from AED 1.384 billion ($377 million) in Q1-17, the UAE-based developer said in a statement.
After calculating the Emaar Development IPO impact, the firm's profits grew 8.5% to AED 1.501 billion ($409 million), compared to the year-ago period.
Revenues surged 37% to AED 5.586 billion ($1.521 billion) in Q1-18, from AED 4.072 billion ($1.109 billion) in the same period a year earlier.
Emaar Properties attributed the rise in its first-quarter profits to its large investments, coupled with a growth in shopping centres and hospitality businesses.
Emaar Development
Emaar Development’s sales amounted to AED 3.906 billion ($1.063 billion) during the three-month period ended March 2018.
Emaar Properties’ unit is currently having undergoing projects at a combined value of AED 41 billion ($11 billion) which may boost its revenues in the coming years.
Emaar's business in shopping malls, hospitality, and leisure sectors rose 15% to AED 1.833 billion ($499 million) in Q1-18, from AED 1.592 billion ($433 million) during Q1-17.
Revenues of Emaar's business in shopping malls, hospitality, and leisure sectors represented 33% of total revenues.
