Abu Dhabi, UAEFriday 25 September 2020

Emaar Development’s Q3 profit rises on higher property sales

Net profit in the third quarter climbs to Dh687m while revenue rises to Dh3.39bn

 Emaar Development reported 1 per cent increase in its third quarter profit. Christopher Pike/Bloomberg
 Emaar Development reported 1 per cent increase in its third quarter profit. Christopher Pike/Bloomberg

Emaar Development, the UAE's largest listed property company, reported a 1 per cent increase in its third quarter net profit on higher revenue from property sales.

Net profit for the three months to the end of September rose to Dh687.5 million, the company said in a statement on Thursday. Revenue for the reporting period jumped 11 per cent to Dh3.39 billion from a year earlier. Selling, marketing, general and administrative expenses during the period also climbed 63 per cent to Dh403m, it added.

"Emaar Development has launched properties that deliver on the promise of providing unique living experiences and positioning Dubai as a prime global destination for real estate investments,” Mohamed Alabbar, chairman of Emaar Development and its parent Emaar Properties, said.

The company is focusing on customers, the quality of construction, technology, people and strategy for future growth, he said.

The launch of 19 new residential developments in 2019 with a total project value of Dh10.1bn has pushed its sales backlog to Dh36.09bn, which is expected to add to the company's revenue in the next three to four years, it said.

Emaar Development views 2019 as a "year of transformation". It has entered into a new joint venture for Dh25bn master-planned development ‘The Valley’ on the Dubai-Al Ain Road during the quarter.

Emaar Development has handed over approximately 4,700 residential units so far in 2019 at prime locations such as Dubai Hills Estate, Emaar South, Dubai Creek Harbour and Downtown Dubai.

The company’s property sales in the first nine months of 2019 rose 25 per cent year-on-year to Dh12.52bn, it added.

Updated: November 15, 2019 04:43 AM

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