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Thu 14 Feb 2019 03:34 PM

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Dubai's Emaar sees 2018 net profit rise 30% to nearly $2bn

Revenue in 2018 increased by 37% over 2017, says Dubai-based developer

Dubai's Emaar sees 2018 net profit rise 30% to nearly $2bn
Mohamed Alabbar, chairman of Emaar Properties.

Emaar Properties on Thursday reported a net profit of AED7.216 billion ($1.965 billion) in 2018, a 30 percent increase over the previous year, prior to considering the effect of the IPO of Emaar Development and forex movement.

Revenue in 2018 was AED25.694 billion, a growth of 37 percent over 2017, the Dubai-based developer said in a statement.

During the fourth quarter, Emaar’s revenue was AED8.304 billion, up 53 percent while net profit was AED1.954 billion, a rise of 34 percent.

Mohamed Alabbar, chairman of Emaar Properties, said: “Our strategy for 2018 was to launch and build premium real estate assets that gained strong investor response from regional and international markets.

"We also expanded our malls business to be relevant to changing customer aspirations, highlighted by the expansion of The Dubai Mall and the launch of Dubai Square.

"In the hospitality business, we aim to be asset-light and focus more on our operational strengths. With digital transformation and building an ownership mindset driving our growth, we will continue to create long-term value for our shareholders.”

Emaar said it has handed over more than 51,800 residential units in Dubai and other international markets. More than 29,800 residences are under development in the UAE and over 17,500 units in global markets.

The first homes in Dubai Creek Harbour will be handed over this year, it added.

Emaar’s international business operations were equally strong in 2018, contributing 12 percent to the total revenue. Revenue from overseas operations was AED3.081 billion.

Emaar said it has a landbank of over 1.6 billion square feet in key markets and is the world’s largest property company outside China, with a brand value of over $2.7 billion.

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