Emaar Dev. reports 19% net profit rise in 9M on strong sales

Emaar Development, the UAE-based developer majority-owned by Emaar Properties, recorded a net profit growth of 19 percent in the first nine months of 2018 to AED 2.498 billion, compared to the net profit of AED 2.106 billion during the same period in 2017.

The growth can be attributed to the strong investor interest for Emaar’s residential launches as the company reported total sales worth AED 10.03 billion in 9M 2018, the company said in a statement on Dubai Financial Market (DFM).

Total revenue for 9M 2018 stood at AED 10.033 billion, an increase of 54 percent over AED 6.508 billion during the corresponding period last year.

In Q3 2018, the developer also reported a net profit of AED 682 million and revenue of AED 3.043 billion, with a robust portfolio of projects nearing revenue recognition milestones.

Emaar Development marked the sale of over 4,150 residential units in Dubai 9M 2018, which recorded positive investor response, including from international buyers.