Construction, retail growth boosts revenue of Dubai's Emaar

Emaar Properties posts a revenue of $4.7bn in the first nine months of 2018, up 30%
Construction, retail growth boosts revenue of Dubai's Emaar
Emaar’s net profit totalled $1.4 billion for the first nine months of 2018, a growth of 28 percent.
By Sam Bridge
Wed 14 Nov 2018 04:20 PM

Emaar Properties on Wednesday posted a revenue of AED17.4 billion ($4.7 billion) in the first nine months of 2018, up 30 percent on the same period in 2017, led by the robust growth by its construction and retail units.

Emaar’s net profit totalled AED5.3 billion ($1.4 billion), a growth of 28 percent, prior to considering the effect of the IPO of Emaar Development and forex movement, the company said in a statement.

Emaar Development revenues of AED10 billion accounted for 58 percent of the total revenue while Emaar Malls revenues of AED5.2 billion made up another 30 percent of the total while Emaar’s international property development operation contributed AED2.2 billion, 13 percent.

Mohamed Alabbar, chairman of Emaar Properties, said: “Our commitment to our customers and stakeholders is to create continued value, which reflects in the strong performance of our core businesses. We focus on continuously evolving our businesses to meet the aspirations of today’s customers. By investing in digital technology and by innovating new lifestyle environments, we are creating assets that shape the future.”

Revenue from Emaar’s hospitality, commercial leasing and entertainment businesses was AED1.954 billion during the first nine months of 2018, the statement said.

It added that Emaar Hospitality brands – Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels – continued to record higher occupancy than Dubai’s industry average.

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