Emaar Development profit up 30%

DUBAI / Emirates Business

Emaar Development PJSC, the UAE build-to-sell property development business majority-owned by Emaar Properties PJSC recorded a growth in net profit during full-year (January to December) 2017 by 30 percent to AED2.74 billion ($747 million), compared to the net profit of AED2.11 billion ($575 million) in year 2016.
Total revenue for FY 2017 was AED 8.86 billion ($2.41 billion), a growth of 28 percent, compared to AED6.89 billion ($1.88 billion) in 2016. The company has a sales backlog of AED41 billion ($11 billion) as of December 31, 2017, highlighting its robust fundamentals with more than 24,000 residential units to be delivered over the next four years.
Emaar Development reported total sales of AED18.03 billion ($4.91 billion) a growth of 25 percent as compared to AED14.41 billion ($3.92 billion) in 2016. This was driven by the launch of 9,531 residential units in about 21 new residential developments. As the pioneer in developing integrated master-planned communities in the UAE, Emaar Development has handed over more than 34,700 residential units since 2002.
Emaar Development marked its successful listing on the Dubai Financial Market (DFM) in the fourth quarter of 2017, the largest listing since 2014, and the third largest offering on DFM.
It now has a significant landbank of over 167 million square foot of gross floor area (GFA) for build-to-sell (BTS) assets in UAE, positioning the company to capitalise on the
further growth of Dubai’s residential property sector.
Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said: “The positive performance of Emaar Development highlights the potential of the company to shape the cities of the future in the UAE. With the IPO and listing of Emaar Development, we are creating long-term value for our shareholders. We will continue to focus on building iconic developments that catalyse the economy and support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”