Emaar Properties recorded revenue growth of AED 5.586 billion ($1.52 billion) in the first quarter of 2018, a 37 percent increase over Q1 2017, the company announced on Tuesday.
According to the company’s Q1 financial results, Emaar’s net profit rose 20 percent to AED 1.66 billion ($453 million) – prior to considering the effect of Emaar Development’s IPO – compared to AED 1.38 billion ($377 million) in the same period of 2017.
Taking the Emaar Development IPO into account, Emaar Properties’ net profit over the time period is AED 1.5 billion ($409 million), an 8.5 percent increase over Q1 2017.
Emaar Development, the build-to-sell property development business majority owned by Emaar Properties, recorded property sales of AED 3.9 billion ($1.06 billion) in the first quarter, and now has a AED 41 billion ($11 billion) backlog.
Collectively, Emaar’s shopping malls, hospitality, leisure and entertainment businesses generated recurring revenue of AED 1.83 billion ($499 million) during Q1, accounting for 33 percent of total group revenue. The figure represents a 15 percent increase from Q1 2017’s revenue of AED 1.59 billion ($433 million).
Emaar Properties distributed total cash dividend of AED 4 billion ($1.08 billion) in two tranches from the proceeds of the Emaar Development IPO.
“Our strategy to build long-term value for our shareholders is to focus on creating future cities that are relevant to our new generation, and to continue to drive the success of our hospitality, malls, leisure and entertainment businesses,” said Emaar Properties chairman Mohamed Alabbar. “We are a customer-first company, and we focus on rapid construction and project delivery.”
“Our achievements are the result of working and winning together – by being open to ideas, welcoming innovation and promoting smart thinking,” he added.
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