Emaar Properties recorded revenue for the first three months of 2018 of 5.586 billion (US$1.521 billion), 37 per cent higher than the revenue of Q1 2017, according to a statement made by Emaar. This was led by significant progress achieved on projects under construction and growth in malls and hospitality businesses.

Prior to considering the effect of the IPO of Emaar Development, Emaar’s net profit grew by 20% to AED 1.665 billion (US$453 million), compared to the net profit of AED1.384 billion (US$ 377 million) during the same period in 2017. 

Emaar Development, the UAE build-to-sell property development company, majority-owned by Emaar Properties, recorded strong property sales of AED 3.906 billion (US$ 1.063 billion) during Q1 2018. Emaar Development now has a backlog of AED 41 billion, (US$ 11 billion), emphasising the strong revenue in the coming years.

Collectively, Emaar’s shopping malls, hospitality, leisure and entertainment businesses generated recurring revenue of AED 1.83 billion ($499 million) during Q1, accounting for 33 percent of total group revenue. The figure represents a 15 percent increase from the group’s Q1 2017’s revenue of AED 1.59 billion ($433 million).

“Our strategy to build long-term value for our shareholders is to focus on creating future cities that are relevant to our new generation, and to continue to drive the success of our hospitality, malls, leisure and entertainment businesses,” said Mohamed Alabbar, Chairman of Emaar Properties. “We are a customer-first company, and we focus on rapid construction and project delivery.”

“Our achievements are the result of working and winning together – by being open to ideas, welcoming innovation and promoting smart thinking,” he added.

Source: Emaar Properties

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