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Mon 13 Aug 2018 03:00 PM

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Emaar Development posts $496m net profit in first half of 2018

Dubai-based Emaar Development says it sold $1.7bn worth of homes during the first six months of 2018

Emaar Development posts $496m net profit in first half of 2018

Emaar Development, the property development business majority-owned by Emaar Properties, on Monday reported a net profit of AED1.82 billion ($496 million) for the first six months of 2018.

The company said this represented an increase of 68 percent compared to AED1.08 billion during the same period last year.

Revenue for the first six months of the year was AED6.99 billion, underpinned by the progress in construction and timely project delivery - up 119 percent on the year-earlier period.

The company also reported total sales of AED6.23 billion ($1.70 billion) during H1. Emaar now has a total sales backlog of over AED38.50 billion, the majority of which will be recognised as revenue over the next three to four years.

Emaar Development’s net profit grew 73 percent in the second quarter while revenue for Q2 was 145 percent more than the Q2 2017 revenue.

In the first half of the year, Emaar Development said it launched the sale of over 3,600 residential units across its mega developments in Dubai and now has a development pipeline of over 60 residential projects in the UAE with over 28,000 units.

Construction is progressing as per schedule for handover of the first waterfront homes in Dubai Creek Harbour – the Dubai Creek Residences in Creek Island Dubai – next year.

Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said: “Developing premium real estate assets is our core strategy for Dubai and the resurging investor enthusiasm to our property launches underlines their trust in our focus on quality and design.

"We will continue to seek opportunities for developing property assets that create long-term value for our stakeholders.”

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