Local developer Emaar Properties has reported net profits of AED4.347bn ($ 1.184bn) for the first nine months of this year – a 20 per cent increase on the AED3.620bn of net profit made during the same period in 2016.
Revenue for the first nine months of 2017 was AED13.452bn, 21 per cent more than the revenue of AED11.103bn reported during the same period last year.
Emaar’s net profit for the third quarter this year was AED1.510bn, up 32 per cent on the net profit of AED1.145bn reported during the third quarter of 2016. Revenue for the third quarter of this year was AED5.586bn, up 45 per cent on the AED3.846bn made during the same period in 2016.
Emaar says its build-to-sale real estate businesses in UAE, Emaar Development, recorded revenues of AED6.508bn, which accounted for 48 percent of Emaar’s total revenue, and an increase of 27 per cent compared to first nine months of 2016. Emaar Development’s net profit for the first nine months of 2017 was AED2.106bn is an increase of 32 percent over the same period last year.
Emaar plans to sell 20 per cent of the existing shares of Emaar Development with an initial public offering on the Dubai Financial Market.
Emaar’s shopping malls, hospitality and leisure businesses recorded revenues of AED4.444bn, about the same that was reported for the first nine months of 2016.
Emaar’s international property development operations contributed AED2.559bn to the total revenue, an increase of 51 per cent compared to the AED1.696bn made during the first nine months of 2016. International property development revenue now represents 19 per cent of the total revenue.