Classifieds powered by Gulf News

International operations nets Dh3.6b for Emaar Properties

It now makes up 19% of developer’s overall revenues of Dh18.81b

Gulf News

DUBAI

International operations fetched Emaar Properties Dh3.6 billion, a growth of 35 per cent on 2016’s Dh2.66 billion. This tally means that non-UAE operations now account for 19 per cent of the developer’s 2017 numbers, which saw revenues of Dh18.81 billion, up 21 per cent on 2016’s Dh15.54 billion.

Net operating profit for the period was Dh5.7 billion, a sharp 16 per cent increase on the Dh4.91 billion.

“With our significant sales backlog and a robust development pipeline in the UAE and in high-growth international markets, we will continue to deliver on our founding objective,” Mohammad Al Abbar, Chairman, said in a statement on Wednesday. “The growth of our businesses in 2017 — across all markets — reflects the success of our focus on delivering high quality lifestyle choices.” (Costs were up 26 per cent to Dh5.1 billion, up by 26 per cent, while other income provided Dh197 million.) During the fourth quarter, Emaar had revenues of Dh5.36 billion, 21 per cent higher than in the fourth quarter of 2016. Net operating profit totalled Dh1.357 billion for during the same period, 5 per cent up on a year ago number.

The hospitality and leisure arm brought in top-line numbers of Dh2.72 billion last year. The three hotel brands — Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels (joint venture with Meraas) — had an average occupancy of 79 per cent and higher than Dubai’s industry average. Three new hotels opened last year, all in Dubai, and also has upcoming openings in Saudi Arabia, Turkey, Egypt, Bahrain and the Maldives.

The “hospitality and leisure operations have also gained further traction through geographic expansion and the creation of innovative experiences,” Alabbar stated.

The shopping malls, hospitality and leisure and entertainment businesses together now account for revenues of Dh6.35 billion, representing 34 per cent of the total revenue for 2017 and 6 per cent higher than 2016’s Dh5.97 billion.

It was last year that Emaar listed its UAE-focused property development business. The IPO for Emaar Development sold off a 20 per cent stake and raised Dh4.82 billion. (A Dh4 billion dividend was announced from the proceeds of the IPO.) The property development business has handed over 45,900 residential units in Dubai and overseas since 2002, with 34,800 units being in the UAE. Last year Emaar had rolled out new launches in Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Arabian Ranches II and Downtown Dubai.

Check out  getthat.com/property  for hundreds of properties for rent and for sale in the UAE.

Company Performance

As on

Loading...