Emaar's sales surge by Dh2 billion as more buyers snap up Dubai properties

Dubai: Emaar Properties said on Sunday that its quarterly property sales had increased by 53 per cent to Dh5.9 billion ($1.6 billion) compared to Dh3.9 billion in the first quarter of 2018.

The company’s net profit also rose by 7.2 per cent to Dh1.7 billion in the first quarter, boosted by strong property sales.

The company also booked first quarter sales of Dh2.6 billion ($720 million) to international customers, compared to Dh1.1 billion ($323 million) in the same period of 2018, representing an increase of 123 per cent.

Emaar reported a net profit of Dh1.7 billion ($474 million) in the first quarter of 2019, compared to a net profit of Dh1.6 billion ($442 million) in the first quarter of 2018. The company saw revenues for the quarter increase by 5 per cent compared to the previous year.

Emaar’s sales backlog, reflecting the revenues to be recognised over next three to four years, increased from Dh48.4 billion ($13.17 billion) to Dh50.01 billion ($13.61 billion) at the end of the first quarter of 2019.

A statement from the company said that the strong backlog reflected the “robustness” of Emaar’s financial position, and its ability to maintain high revenue, profitability and return to shareholders for the “foreseeable future.”

“Our focus on timely project execution and cash flow generation underlines our market leadership,” said Mohamed Alabbar, chairman of Emaar Properties.

“Emaar’s operational strategy of building premium residential assets, and expanding the malls, hospitality and entertainment operations to meet the aspirations of the new generation of customers continues to drive our growth,” he added.