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Emaar Development’s profit grows by 62% to $223m in Q1 2018

Emaar Development recorded $1.06bn in sales in Q1 2018, bringing its total backlog to $11bn and highlighting a delivery pipeline of more than 27,200 residential units

Mohamed Alabbar, chairman of Emaar Development and Emaar Properties.
Mohamed Alabbar, chairman of Emaar Development and Emaar Properties.

Emaar development recorded significant financial gains in the first quarter of 2018, with its revenue growing by 95% to $890m (AED3.27bn), nearly double the $455m (AED1.67bn) it recorded in Q1 2017.

The Emaar Properties majority-owned property development business revealed in a statement that it netted $223m (AED819m) in profits from January to March 2018, 62% higher than Q1 2017’s $138m (AED506m).

In terms of sales, the company posted $1.06bn (AED3.91bn), bringing its total backlog to $11bn (AED41bn) and highlighting its delivery pipeline of more than 27,200 residential units in the next four to five years.

According to Emaar Development, it launched over 2,500 residential units across its mega-developments in the first three months of the year.

These included units in Beach Vista and Sunrise Bay, the first two projects on the 93ha Emaar Beachfront, a gated island property.

READ: Abu Dhabi's Aldar and Dubai's Emaar form $8bn property JV

Both projects have reportedly generated total sales of more than $368m (AED1.35bn).

Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, commented: “With the listing of Emaar Development, our focus was to unlock its true potential and create added value for our shareholders. This is demonstrated by the growth of the business and focus on delivering high quality projects and service with our customer-first approach.

“With our new developments, we are bringing exceptional lifestyle choices that meet the aspirations of our new generation through future city hubs that add value to the economy.”

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Construction Week - Issue 747
Aug 03, 2019