Emaar records 19% growth in nine-month net profits
Emaar unveiled new cultural and touristic icons with the launch of The Tower in Dubai Creek Harbour and the opening of Dubai Opera in Downtown Dubai
Global property developer Emaar Properties recorded 19% growth in net profit to $986m (AED3.6bn) during the first nine months of 2016 compared to $830m (AED3.04bn) during the same period in 2015.
Revenue for the first nine months of 2016 was recorded at $3.02bn (AED11.1bn), an increase of 13% over $2.6bn (AED9.8bn) during the same period last year.
Emaar’s international operations recorded revenue of $462m (AED1.6bn) during the first nine months of 2016, which accounts for 15% of the total revenue.
With total sales of $3.9bn (AED14.6bn) during the first nine months of 2016, which is 28% higher than the sales during the same period last year, Emaar now has a backlog of $12.9bn (AED47.5bn) to be recognised in the next few years.
During the third quarter of 2016, Emaar recorded a net profit of $312m (AED1.1bn), which is 36% higher than the Q3 2015 net profit of $230m (AED843m).
Revenue for Q3 2016 stood at $1.04bn (AED3.8bn), 16% higher than the Q3 2015 revenue of $906m (AED3.3bn).
Mohamed Alabbar, chairman of Emaar Properties, said: “Our focus for 2016 has been to maximise operational efficiency and drive profitability, while strengthening our revenue stream through new developments in prime real estate assets, malls and hotels in Dubai.
"We are drawing on the potential of digital technologies to enhance efficiency and customer service. Across all our operations – from project design to development and after-sales service, we are being even more customer-oriented. With technology changing modern lifestyles, we aim to be more agile, responsive and relevant to ensure that we create long-term value for our stakeholders.”
Emaar recorded significant growth in property sales in Dubai, its primary market. During the first nine months of 2016, sale from its launches in its home-market accounted for $3.1bn (AED11.6bn). This is 54% higher than the sales of $2.04bn (AED7.5bn) in Dubai during the same period in 2015.
The growth in investor base was underpinned by new residential launches in Dubai Creek Harbour; Dubai Hills Estate, a premium lifestyle community; and in Downtown Dubai.
Emaar unveiled new cultural and touristic icons with the launch of The Tower in Dubai Creek Harbour and the opening of Dubai Opera in Downtown Dubai. Both have catalysed sales of residences in the two communities.
Emaar also commenced the sales on Emaar South its new mega-development in Dubai South, minutes from the Al Maktoum International Airport and in easy proximity to the Expo 2020 Dubai site, with the launch of Urbana stacked townhouses.
Emaar has assets valued at over $45.1bn (AED165.7bn) and a land bank of 19,600ha in Dubai and international markets. Emaar has handed over more than 40,865 homes to date, cementing its strong track-record in project delivery.