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Dubai / Emirates Business
Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, reported a net profit of AED1.82 billion ($496 million) during the first six months (January to June) of 2018, an increase of 68 percent compared to AED1.08 billion ($294 million) during the same period last year.
Revenue for first six months of the year was AED6.99 billion ($1.90 billion), underpinned by the progress in construction and timely project delivery. This is 119 percent more than the H1 2017 revenue of AED3.19 billion ($868 million).
Highlighting the strong investor appeal for Emaar Development’s residential launches, the company reported total sales of AED6.23 billion ($1.70 billion) during H1 2018. Emaar now has a total sales backlog of over AED38.50 billion ($10.48 billion), majority of which will be recognised as revenue over the next three to four years.
Emaar Development’s net profit grew 73 percent in second quarter of 2018 to AED997 million ($271 million), compared to Q2 2017 at AED575 million ($157 million). Revenue for Q2 2018 was AED3.72 billion ($1.01 billion), 145 percent more than Q2 2017 revenue of AED1.52 billion ($414 million).
Construction is progressing as per schedule for handover of the first waterfront homes in Dubai Creek Harbour — the Dubai Creek Residences in Creek Island Dubai — next year.
Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said: “Emaar’s residential destinations are city hubs of the future with their exceptional location, build quality, spectacular views and the lifestyle amenities we offer in our integrated developments. Developing premium real estate assets is our core strategy for Dubai and the resurging investor enthusiasm to our property launches underlines their trust in our focus on quality and design.â€