Emaar unit posts 54% surge in nine-month revenue while net profit increases by 19%
Emaar Development, the build-to-sell property development business majority-owned by Emaar Properties, on Tuesday recorded a growth in net profit of 19 percent during the first nine months of 2018 to AED2.498 billion ($680 million).
Total revenue for the period was AED10.033 billion, up 54 percent over the corresponding period last year.
The company said it now has a total sales backlog of AED38.53 billion, which will be recognised as revenue in the next three to four years.
In the third quarter of 2018, Emaar Development reported a net profit of AED682 million and revenue of AED3.043 billion, it added in a statement.
During the first nine months of 2018, Emaar Development sold over 4,150 residential units in Dubai, and has a pipeline of eight residential destinations in Dubai that offer over 26,500 homes currently under development.
To date, the company said it has handed over 35,100 residences in Dubai, with significant deliveries due in coming quarters.
Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said: “The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the nation.”For all the latest construction 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.