Dubai-listed Emaar Properties reported a net profit of AED 1.51 billion for the third quarter of 2017, up 32 percent year-on-year (YoY) on the back of higher residential property sales in Dubai.
The developer’s net profit for the first nine months of 2017 stood at AED 4.35 billion, an increase of 20 percent YoY. Revenues in the nine-month period were AED 13.45 billion, up 21 percent YoY.
“The impressive growth in sales of our Dubai residential property launches this year puts us in a strong position to generate strong cash flows for the coming years,” Mohamed Alabbar, Emaar Properties chairman, said in a statement.
Sale of residential property in Dubai increased by 32 percent YoY to AED 15.36 in 9M 2017.
Emaar now has domestic sales backlog of AED 40.8 billion with an expected net cash flow to the developer of about AED 18 billion.
The firm’s build-to-sale real estate businesses in UAE, Emaar Development LLC, recorded revenues of AED 6.5 billion, accounting for 48 percent of the total revenue. The group is in the process of listing Emaar Development’s shares of Dubai Financial Market.
The shopping malls, hospitality and leisure businesses recorded revenues of AED 4.44 billion, similar to the first nine months of 2016, the developer said.
The international property development operations contributed AED 2.56 billion to the total revenue, an increase of 51 percent YoY.
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