Emaar Development records Dh2b plus profit in Dubai

Dubai: Emaar Development recorded slight dips in nine-month net profit and revenues — at Dh2.07 billion and Dh9.62 billion — from a year ago. The corresponding numbers for 2018 were Dh2.5 billion and Dh10 billion.

In the third quarter, net profit came in at Dh688 million. But the biggest takeaway for the Emaar subsidiary, whh focuses only on the Dubai market, is the Dh12.52 billion it clocked in sales in the year to end September. That’s 25 per cent up on 2018.

In addition, it confirmed a Dh36.09 billion in sales backlog, “underlining remarkable revenue recognition to be achieved in the coming three to four years,” according to a statement issued on Dubai Financial Market.

Busy launch schedule

The numbers were built on 19 residential project launches made so far this year, which have a combined project value of Dh10 billion plus. This is far more than what the competition has had in terms of new launches, with most developers going slow on off-plan releases and instead focusing on clearing as much of their released inventory as possible.

Among the latest Emaar launches is The Valley located on Dubai-Al Ain highway. On the handover side, Emaar delivered about 4,700 homes in the nine months, also the highest tally by a local developer.