Dubai’s property developer Emaar records Dh1.3 billion net profit in third quarter
Nine-month sales for company reached Dh12.6b, 25% higher than same period last year
Dubai: Emaar Properties on Sunday announced a net profit of Dh1.3 billion during the third quarter of 2019, representing a 20 per cent increased compared to the same period last year.
The group’s revenue during the third quarter also saw an increase of 14 per cent with Dh6 billion recorded compared to 2018.
Property sales were also strong with the company reporting sales of Dh12.6 billion in Dubai during the first nine months of the year, a growth of 25 per cent compared to 2018.
Emaar put its strong sales down to interest from foreign investors in both residential and commercial developments as well as new, first-time home buyers entering the UAE property market. “Emaar’s results are driven by its key principles of having the best people working day and night to achieve utmost customer happiness through providing them superior product and services,” said Mohammad Alabbar, chairman of Emaar Properties and Emaar Development.
“In these dynamic markets, maintaining superior performance is a key testimony of an excellent team and their continuous efforts to achieve efficiencies, superior product and financial results,” he added.
Emaar’s overall revenue for the first nine months of the year was Dh17.6 billion with a net profit of Dh4.4 billion, both up 1 and 2 per cent respectively compared to last year.
Emaar Malls
Emaar Malls also recorded positive results with a six per cent increase in revenue to Dh3.4 billion during the first nine months of 2019. Net profit was also increased by six per cent to D1.7 billion compared to 2018.
Emaar Malls assets — The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souq Al Bahar and the Community Retail Centres — maintained strong occupancy level at 92 per cent, and robust visitors arrival at 99 million during the first nine months of this year.
Emaar’s hospitality & leisure, entertainment and commercial leasing business along with Emaar Malls, posted a revenue of Dh5.2 billion, representing 30 per cent of the total group revenue. The hotels under Emaar Hospitality Group in Dubai reported an average occupancy of 78 per cent, higher than the industry average.
Emaar’s international property development operations recorded a 22 per cent increase in revenue to Dh2.6 billion during the first nine months of 2019, with the revenue representing 15 per cent of the total group revenue.