14/11/2018 08:17 AST

Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, recorded a growth in net profit of 19 per cent during the first nine months (January to September) of 2018 to Dhs2.498 billion (US$ 680 million), compared to the net profit of Dhs 2.106 billion (US$ 573 million) during the same period in 2017. Total revenue for the first nine months is Dhs10.033 billion ($2.732 billion), an increase of 54 per cent over the revenue of Dhs6.508 billion ($ 1.772 billion) during the corresponding period last year.

Highlighting the strong investor interest for Emaar’s residential launches, the company reported total sales worth Dhs 10.030 billion (US$ 2.731 billion) during the first nine months of 2018. Emaar Development now has a total sales backlog of Dhs38.53 billion (US$ 10.49 billion), which will be recognised as revenue in the next three to four years.

In the third quarter of 2018 (July to September), Emaar Development reported a net profit of Dhs682 million (US$ 186 million) and revenue of Dhs3.043 billion ($ 828 million), with a robust portfolio of projects nearing revenue recognition milestones.

At its General Meeting, held in October, Emaar Development announced the distribution of Dhs1.04 billion (US$ 283.15 million), representing 26 per cent of the share capital being 26 fils per share, as special cash dividend to the company’s shareholders.

During the first nine months of 2018, Emaar Development marked the sale of over 4,150 residential units in Dubai, which recorded positive investor response, including from international buyers. Emaar Development now has a pipeline of eight residential destinations in Dubai that offer over 26,500 homes currently under development. To date, the company has handed over 35,100 residences in Dubai, with significant deliveries due in coming quarters.

Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said: “The strong performance of Emaar Development underlines the strength of Dubai’s property sector, driven by the robust economic fundamentals of the nation.”

The Gulf Today

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