Dubai – Mubasher: Emaar Properties posted a 15% year-on-year rise in its profits during the first quarter of 2017, according to a bourse filing.
Profits reached AED 1.384 billion ($376.82 million) in Q1-17, compared to AED 1.205 billion ($328.09 million) in Q1-16.
Revenues reached AED 4.07 billion in the three-month period ended 31 March 2017, up 15% from AED 3.53 billion in the prior-year period.
Recurring revenues from the company’s malls, hospitality, entertainment, and leisure businesses amounted to AED 1.592 billion ($433 million) in Q1-17, contributing 39% to the group’s total revenues.
The company’s international operations recorded revenues of AED 806 million ($ 219 million) in Q1-17, up 62% from AED 499 million ($136 million) in Q1-16, accounting for 20% of the group’s total revenues.
Emaar achieved property sales of AED 6.049 billion ($1.647 billion) in Q1-17 in Dubai, an increase of 44% from AED 4.194 billion ($1.142 billion) in Q1-16.
The group has a backlog of AED 46.245 billion ($12.591 billion) to be recognised as revenue in the next few years.
