Emaar Development, releasing its first results since listing on Dubai Financial Market, reported a 30 percent growth in net profit of $747 million (AED2.74bn) for 2017.
The build-to-sell property development business, majority-owned by Emaar Properties, recorded full-year revenue of $2.41bn (AED8.86bn), an increase of 28 percent on 2016.
The company said it has a sales backlog of $11 billion (AED41bn), with more than 24,000 residential units due to be delivered over the course of the next four years.
Emaar Development reported total sales of $4.91bn (AED18.03bn) – up 25 percent on 2016 – which it said was driven by the launch of 9,531 residential units in about 21 new residential developments in various master-planned developments.
During 2017, it launched $5.5bn (AED20.08) worth of projects, including developments in Dubai Creek Harbour, Downtown Dubai, Dubai Marina and Emaar South, all of which recorded strong investor response.
“The positive performance of Emaar Development highlights the potential of the company to shape the cities of the future in the UAE,” said Alabbar, chairman of Emaar Development and Emaar Properties.
“With the IPO and listing of Emaar Development, we are creating long-term value for our shareholders.”For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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