Emaar records 37% increase in revenue in Q1 2018
Firm’s revenue is $1.521bn (AED5.586bn) in Q1 2018; as net profit increases by 20%
Emaar Properties recorded revenue for the first three months of 2018 of AED 5.586 bn (US$ 1.521 bn), 37% higher than Q1 2017 revenue of AED4.072bn ($1.109bn).
This was led by significant progress achieved on projects under construction and the growth in malls and hospitality businesses, a press statement said.
Emaar’s net profit grew by 20% to $453m (AED1.665bn), prior to considering the effect of the IPO of Emaar Development, compared to the net profit of $37m (AED1.384bn) during the same period in 2017.
Emaar Development, the property development business, recorded strong property sales of $1.063bn (AED3.906bn) during Q1 2018. Emaar Development now has a backlog of $11bn (AED41bn).
Emaar’s shopping malls, hospitality and leisure and entertainment businesses together generated recurring revenue of $499m (AED1.833bn) during Q1 2018, accounting for 33% of the total Group revenue.
This is 15% higher than the Q1 2017 revenue of $43m (AED1.592bn) from these business entities.
Emaar Properties distributed total cash dividend of $1.089bn (AED4bn) from the proceeds of the successful IPO of Emaar Development, in two tranches to the company’s shareholders.
Mohamed Alabbar, chairman of Emaar Properties, said: “Our strategy to build long-term value for our shareholders is to focus on creating future cities that are relevant to our new generation, and to continue to drive the success of our hospitality, malls, leisure and entertainment businesses.”
In the property business, Emaar marked several new residential launches in Dubai, including the unveiling of a private island destination, Emaar Beachfront.
Meanwhile other modern living concepts such as Dubai Creek Harbour, Dubai Hills Estate, Emaar South and Downtown Dubai were also launched.