DUBAI: Emaar Properties recorded a 19 per cent year-on-year growth in its net profit for the first nine months of the year, to Dh3.62 billion.
Revenues for the period rose by 13 per cent, reaching Dh11.6 billion, compared to Dh9.849 billion in the same period last year.
Net profit for the third quarter was Dh1.145, a 36 per cent rise on the third quarter of 2015. Revenues increased by 16 per cent, to Dh3.846 billion, during the quarter.
The firm’s shopping mall and retail businesses and its hospitality and leisure business accounted for 39 per cent of total revenue, bringing in Dh4.278 billion. Its international operations brought in Dh1.696 billion, 15 per cent of total revenues,
Sales increased by 28 per cent over the same percoid, reaching Dh14.689 billion. The firm says it now has a backlog Dh47.576 billion to be realised over the next few years.
Chairman Mohammad Al Abbar said, “Our focus for 2016 has been to maximise operational efficiency and drive profitability, while strengthening our revenue stream through new developments in prime real estate assets, malls and hotels in Dubai.”
He said Emaar was drawing on digital technology to enhance efficiency and customer service.
“Across all our operations — from project design to development and after-sales service — we are being even more customer-oriented,” he said. “With technology changing modern lifestyles, we aim to be more agile, responsive and relevant to ensure that we create long-term value for our stakeholders.”
The firm said property sales in Dubai — its primary market — increased 45 per cent during the first no one months of 2016, to Dh11.601 billion.
Emaar has launched several residential developments during the period, including launches at Dubai Creek Harbour and Dubai Hills Estate. Other developments announced or completed include The Tower at Dubai Creek and Dubai Opera in Downtown Dubai.
It also began sales at its Dubai South megaproject, Emaar South, a 15,000-home smart neighbourhood project.
It opened the first of its planned 10 Rove Hotels in Dubai, a joint project with Meraas Holding. Two more Rove hotels are due to open before the end of the year, the The Address Boulevard Dubai also due to open soon.
The firm’s assets are valued at more than Dh165.7 billion, and it has a land bank of 196 million sq m in Dubai and international markets. Emaar has handed over more than 40,865 homes to date.
