Monday 28 September 2020

Emaar posts solid growth, net profit surges to $1.69bn

DUBAI, February 12, 2020

Leading Dubai developer Emaar Properties has exhibited a resilient performance in FY 2019 by recording a net profit of Dh6.2 billion ($1.69 billion) as compared to net profit of Dh6.139 billion ($1.671 billion) in FY 2018, said its top official.

Emaar maintained its positive performance in 2019 recording property sales in Dubai of Dh14.949 billion ($4.07 billion) and a revenue of Dh24.586 billion ($6.694 billion), remarked its Chairman Mohamed Alabbar.

"This performance is a result of Emaar’s ongoing investment in customer-centric innovation across its businesses and continued interest from foreign investors in both residential and commercial developments as well as new, first time home buyers entering the UAE property market," stated Alabbar.

"Emaar’s performance in 2019 was resilient, maintaining growth within a challenging market. Emaar’s sales achievements in 2019 are a testament to the products and people behind these innovations. Each year we set the bar higher, raising expectations across the business to ensure Emaar maintains the level of excellence the brand is synonymous with," said the top official.

"Optimizing resources, improving efficiency and maximizing our productivity has directly contributed to enhancing our performance and positively impacted our results," he added.

According to him, Emaar's main focus was to bring the best talent to achieve its goals consistently.
"Our resources are focused on enhancing our customer happiness while providing superior results to our shareholders. We are also implementing new digital initiatives which will significantly enhance the value of our properties and assets to our customers whilst enabling us to innovate through new products and services," he stated.

To date, Emaar has handed over more than 63,000 residential units in Dubai and other international markets, said Alabbar.

More than 30,000 residences are under development in the UAE and over 14,000 units in global markets. Emaar now has a total sales backlog of Dh45.795 billion ($12.468 billion) of which Dh33.736 billion ($9.185 billion) is in UAE, to be recognized as revenue in the coming years, he noted.

On the Emaar Development, the chairman said it had recorded a net profit of Dh2.7 billion ($735 million) and revenue of Dh12.746 billion ($3.47 billion).

Last year, Emaar Development had launched 22 new projects across various master plans in Dubai and sold 70 per cent of its units launched in 2019, indicating a stronger connection of customers with Emaar’s strong brand value.

Emaar Development has also introduced 3 new master-planned communities in 2019, Arabian Ranches III, Mina Rashid and The Valley, with a sell-out response, demonstrating the demand for expansive communities and family homes, he stated.

The notable launches of 2019 include: The Palace, Bay Shore and Creek Edge in Dubai Creek Harbour, Sun, Joy and Spring in Arabian Ranches III, Grand Bleu and South Beach Holiday Homes in Emaar Beachfront, Green View and Parkside in Emaar South. Other than this we have also launched couple of projects in Dubai Hills Estate, Mina Rashid and The Valley master-planned developments.-TradeArabia News Service


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