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Home / NEWS / Emaar Properties sales surge to 32% in 9M 2017

Emaar Properties sales surge to 32% in 9M 2017

by Jumana Abdel-Razzaq on Nov 12, 2017


Emaar Properties has reported a net profit growth of $411m in Q3 2017.
Emaar Properties has reported a net profit growth of $411m in Q3 2017.

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Emaar Properties has reported a net profit growth of $411m (AED1.5bn) for Q3 2017 in Dubai property sales, 32% over the corresponding period of $312m (AED1.14bn) in 2016.

Recording a net profit of $1.184bn (AED4.3bn) during the first nine months of 2017, the company saw an increase of 20% from Q3 2016 of $986m (AED3.62bn), according to a statement.

Revenue for the first nine months was $4.18bn, 21% higher than the revenue of $3m during the same period last year.

Emaar’s build-to-sale real estate businesses in UAE, Emaar Development LLC, recorded revenues of $1.77bn (AED6.5bn), accounting for 48% of the total revenue, and an increase of 27% compared to first nine months of 2016.

Emaar Development’s nine months 2017 net profit of $573m (AED2.1bn) marks an increase of 32% over the same period last year.

Emaar’s shopping malls, hospitality and leisure businesses recorded revenues of $1.2bn (AED4.4bn), similar to the first nine months of 2016.

Emaar’s international property development operations contributed $697m (AED 2.5bn)  to the total revenue, an increase of 51% compared to $462m (AED1.7bn) during the first nine months of 2016.

International property development revenue now represents 19% of the total revenue.

Revenue for Q3 2017 was $1.521bn (AED5.5bn), 45% higher than the Q3 2016 revenue of $1bn (AED 3.8bn).

Emaar has announced its intention to proceed with the sale of 20% of the existing shares of Emaar Development through an initial public offering on the Dubai Financial Market.



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