Leading UAE-based developer Emaar Properties has recorded a robust 20 per cent increase in its net profit for the third quarter (July to September) which soared to Dh1.331 billion ($362 million), compared to Dh1.11 billion ($302 million) last year.

Announcing the Q3 results, Emaar said its revenue also surged by 14 per cent to hit Dh6.075 billion ($1.654 billion) during third quarter of 2019, compared to revenue of Dh5.348 billion ($1.456 billion) during the same period last year.
 
Emaar recorded property sales of Dh12.624 billion ($3.437 billion) in Dubai during the first nine months (January to September) of 2019, a growth of 25 per cent compared to same period in 2018.

The company attributed these results to its continued focus on its customers and quality of construction, which makes it the first choice for investors. This is a testament of why Emaar is ranked as Number 1 among real estate companies and 20 among all industries in the Forbes World’s best-regarded companies rankings, said the developer in a statement.

The growth is attributed to the continuous interest from foreign investors in both residential and commercial developments as well as new, first-time home buyers entering the UAE property market, stated the developer.

Emaar recorded a revenue of Dh17.644 billion ($4.804 billion) and net profit of Dh4.442 billion ($1.209 billion) in the first nine months of 2019, led by resilient performance of the property, malls and hospitality business, it added.

On its impressive performance chairman Mohamed Alabbar said: "Emaar’s results are driven by its key principles of having the best people working day and night to achieve utmost customer happiness through providing them superior product and services."

"Also, in these dynamic markets, maintaining superior performance is a key testimony of an excellent team and their continuous efforts to achieve efficiencies, superior product and financial results, he noted.

On its other unit Emaar Development, Alabbar said it had recorded a net profit of Dh2.07 billion ($564 million) and revenue of Dh9.625 billion ($2.62 billion) for the first nine months of the year.

During the January to September period, Emaar Development had launched a total of 19 new projects worth Dh10.127 billion ($2.757 billion) across its mega developments within the emirate.
Highlighting Emaar’s strong brand value, the company has sold over 70 per cent of its units launched in first nine month of 2019.

During 2019, Emaar had launched properties in the newly-launched master-planned community of Arabian Ranches III, Emaar Beachfront and Dubai Hills Estate, recording a sell-out response and also launched Ease by Emaar, a property management services, helping investors of South Beach at Emaar Beachfront capitalise on an emerging business model of short-term rentals and earn substantial returns.

During the period, Emaar Development has also entered into a new joint venture for master-planned development ‘The Valley’, a Dh25 billion ($7 billion) project located on Dubai-Al Ain Road.

Emaar Malls had recorded six per cent increase in revenue to Dh3.412 billion ($929 million) during the first nine months (January to September) of 2019, compared to same period in 2018. Net profit has also increased by six per cent to Dh1.732 billion ($472 million) compared to same period last year.

Emaar Malls assets – The Dubai Mall, Dubai Marina Mall, Gold & Diamond Park, Souq Al Bahar and the Community Retail Centres – maintained strong occupancy level at 92 per cent, and robust visitors arrival at 99 million during the first nine months of this year.

Emaar’s hospitality and leisure, entertainment and commercial leasing business along with Emaar Malls, posted a revenue of Dh5.259 billion ($1.432 billion), representing 30 per cent of the total Group revenue.

The hotels under Emaar Hospitality Group (including managed hotels) in Dubai reported an average occupancy of 78 per cent, higher than the industry average.

Emaar’s international property development operations recorded 22 per cent increase in revenue to Dh2.673 billion ($728 million) during first nine months of 2019, compared to revenue of Dh2.185 billion ($595 million) during same period in 2018. This now represents 15 per cent to the total group revenue, stated the Dubai developer.

Emaar has a landbank of over 1.7 billion sq ft in key markets and is ranked 14th among the world’s strongest real estate companies in 2019, with an estimated brand value of $2.7 billion, it added.-TradeArabia News Service