The company recorded total sales of $3.87 billion throughout 2018
Dubai-based Emaar Development net profits went up 42 percent to AED 3.90 billion ($1.06 billion) in 2018, the company announced on Wednesday.
The company’s total revenue for 2018 was AED 15.43 billion ($4.2 billion), a 74 percent increase over the AED 8.86 billion ($2.41 billion) recorded the year prior.
In the statement, the company reported its net profit of AED 1.4 billion (US$ 382 million) in Q4 represents a 120 percent increase over the same time period in 2017.
Additionally, the company’s Q4 revenue of 5.4 billion ($1.47 billion) represents an 120 percent increase over Q4 2017.
During Q4, the company reported record sales of AED 4.21 billion ($1.14 billion), 60 percent more than Q4 2017. Over 2018 as a whole, the company’s sales totaled AED 14.24 billion ($3.87 billion). The sales included over 6,500 residential units in Dubai.
Emaar Development now has a total sales backlog of AED 36.3 billion ($9.88 billion).
“The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the nation,” said Emaar Development and Emaar Properties chairman Mohamed Alabbar. “Through our lifestyle destinations, we are offering world-class residential choices that stand out for their design and build quality.”
Alabbar added that “these developments also serve as dynamic hubs, with full-fledged amenities including retail and hospitality, which energise the economy and create new jobs and business opportunities.”
“Our successful strategy to unlock the true potential of Emaar’s property development business has been aimed at delivering long-term value for our shareholders, and we will continue to focus on our core competency.”
The company now has nine residential developments in Dubai with more than 29,800 homes under development. To date, 35,700 residences in Dubai have been handed over.