Tuesday 11 August 2020

Emaar Development revenue hits $2.6bn, property sales up

DUBAI, November 14, 2019

Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, has reported an impressive growth of 25 per cent in property sales during the first nine months, hitting Dh12.5 billion ($3.4 billion) as compared to similar period in 2018.

Announcing the financial results for the nine-month period ending September 30, 2019, Emaar Development said the company had been delivering quarter on quarter growth in profitability.

Its net profit for the first nine months surged to Dh2.07 billion ($564 million), while it posted a  revenue of Dh9.62 billion ($2.62 billion) for the period.

With the company announcing the launch of 19 new residential developments in 2019 with a total project value of Dh10.13 billion ($2.76 billion), the sales backlog stands at Dh36.1 billion ($9.8  billion), underlining strong financial fundamentals and revenue recognition to be accounted in the next three to four years.

On its Q3 results, Emaar Development said it net profit for the July to September period grew to Dh688 million ($187 million), while its revenue surged to hit Dh3.39 billion ($922 million).

On its performance, chairman Mohamed Alabbar said: "Over the years, Emaar Development has launched properties that deliver on the promise of providing unique living experiences and positioning Dubai as a prime global destination for real estate investments."

"The organisation focuses on customers, the quality of construction, technology, people and strategy for future growth. We aim to offer unique products to today’s home buyers, seeking modern lifestyles with amenities that prioritize health, wellness and a sense of community," he stated.

"Emaar Development views 2019 as a year of transformation with the company noticing a strong demand for residences that offer surroundings that ensure residents health and well-being, and the opportunity to live fulfilling lives," he added.-TradeArabia News Service


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