Emaar Properties PJSC's Downtown Dubai development. (Supplied)
Emaar Properties PJSC recorded a net profit of $1.184 billion (Dh 4.347 billion) during the first nine months (January to September) 2017, an increase of 20 percent over the net profit of $ 986 million (Dh3.620 billion) during the same period in 2016.
Revenue for the first nine months was $4.182 billion (Dh13.452 billion), 21 percent higher than the revenue of $ 3.023 billion (Dh11.103 billion) during the same period last year.
Emaar’s build-to-sale real estate businesses in UAE, Emaar Development LLC, recorded revenues of $1.772 billion (Dh6.508 billion), accounting for 48 percent of the total revenue, and an increase of 27 percent compared to first nine months of 2016.
Emaar Development LLC’s nine months 2017 net profit of $ 573 million (Dh2.106 billion) marks an increase of 32 percent over the same period last year.
Emaar’s shopping malls, hospitality and leisure businesses recorded revenues of ($ 1.210 billion (Dh4.444 billion), similar to the first nine months of 2016. Emaar’s international property development operations contributed $697 million (Dh2.559 billion) to the total revenue, an increase of 51 percent compared to S$ 462 million (Dh1.696 billion) during the first nine months of 2016. International property development revenue now represents 19 percent of the total revenue.
Reporting quarter-on-quarter growth, Emaar’s net profit for the third quarter (July to September) 2017 was $411 million (Dh1.510 billion), a growth of 32 percent over the net profit of $312 million (Dh1.145 billion) during Q3 2016.
Revenue for Q3 2017 was $ 1.521 billion (Dh5.586 billion), 45 percent higher than the Q3 2016 revenue of $1.047 billion (Dh3.846 billion).
Emaar has announced its intention to proceed with the sale of 20 percent of the existing shares of Emaar Development LLC, its build-to-sell property development business in the UAE via an initial public offering on the Dubai Financial Market.
