Dubai’s Emaar Properties Q1 profit rises 15%

14/05/2017 Argaam

Dubai-listed Emaar Properties reported a net profit of AED 1.4 billion for the first quarter of 2017, an increase of 15 percent year-on-year (YoY) as revenue from malls, hospitality and leisure businesses improved, the firm said on Sunday.

 

Emaar's Q1 revenue also rose 15 percent YoY to AED 4.07 billion, with recurring revenues from malls, hospitality, entertainment and leisure businesses accounting for 39 percent of the total revenues.

 

Revenue from international operations grew by 62 percent YoY to AED 806 million.

 

Property sales in the first quarter increased 44 percent YoY to AED 6.05 billion. The group now has a backlog of AED 46.25 billion, it said in a bourse statement.

 

“We have seen an increase in property sales in Dubai, and we are on track with our construction milestones,” Mohamed Alabbar, chairman of the group, said in the statement.

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