Dubai: Emaar posts 62% increase in net profit for Q1 2018
Dubai-based developer, Emaar Development, recorded a 62% growth in net profit to AED819mn during Q1 (January to March) 2018 compared to AED506mn in Q1 2017.
Revenue for Q1 2018 grew by 95% to AED3.27bn compared to AED1.67bn, reflecting strong construction progress focused on timely delivery. The company recorded sales of AED3.91bn in the first three months of the year and
now has a total backlog of AED41bn. This highlights the companys strong fundamentals and robust delivery pipeline of over 27,200 residential units in the next four to five years.
In Q1 2018, Emaar Development launched the sale of over 2,500 residential units across its mega-developments with overwhelming response from investors within UAE and international markets.
Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said: With the listing of Emaar Development, our focus was to unlock its true potential and create added value for our shareholders. This is demonstrated by the growth of the business and focus on delivering high-quality projects and service with our customer-first approach. With our new developments, we are bringing exceptional lifestyle choices that meet the aspirations of our new generation through future city hubs that add value to the economy.
In key launches during Q1 2018, the company unveiled Emaar Beachfront, a private gated island destination in the Arabian Gulf, offering residents the opportunity to experience Miami beach style living in Dubai. The launch of the first project Beach Vista was a sell-out success with strong investor response for subsequent project Sunrise Bay together recording total sales of over AED1.35bn.
With the continued demand for residences in Dubai Creek Harbour, Emaar Development launched The Grand, an exclusive collection of ultra-luxury apartments, penthouses, and podium-level townhouses. Emaar also marked
significant progress in the construction of Dubai Creek Tower, where as of now, 90% of the pile cap work has been completed.
At Emaar South, a joint venture with Dubai South, the developer launched Saffron, its first garden townhouse community.
Emaar Development also launched an innovative concept for co-living with Socio and Collective in Dubai Hills Estate, next-door to the upcoming Dubai Hills Mall. Socio recorded sell-out response and Collective witnessed strong customer demand.
The company has over 10 mega-developments in its portfolio, and its strategy is to maintain its leadership role in prime residential real estate in Dubai, draw on its significant land bank and partner with leading entities to create sustained value for its shareholders.
