by Jack Ball 22 Mar 2019
Net profits at the development arm of Dubai's Emaar Properties jumped nearly 70% in 2018, driven by strong a sales performance in the UAE and internationally.
According to the Dubai-listed firm’s yearly financial results, net profit for 2018 stood at $1.5bn (AED5.6bn), a 67% increase on 2017’s corresponding figure of $952.9m (AED3.3bn).
This growth was supported by strong yearly revenues of $4.2bn (AED15.4bn), a 73% increase on 2017's $2.4bn (AED8.9bn).
In a missive to the Dubai bourse, the group said: “Emaar Development had a remarkable year driven by strong Dubai property sales in the UAE and international markets, resulting in [a] sales backlog of $9.8bn (AED36bn), including [our] joint ventures and joint development agreements to be recognised as revenue over the coming years.”
The figures come amid a busy start to the year for Emaar, with its hospitality arm, Emaar Hospitality Group, completing the $598.4m (AED2.2bn) sale of five hotel assets to Abu Dhabi National Hotels in February.
Earlier this month, the Mohammed Alabbar-led Emaar Group announced that it will launch – in collaboration with Swiss technology firm Lykke – a blockchain-based digital currency for use across its real estate, malls, hospitality, entertainment, facilities management, and e-shopping businesses by the end of 2019.
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