UAE - Emaar Development, property development arm of Emaar Properties, reported a net profit of Dh1.82 billion during the first six months of 2018, an increase of 68 per cent compared to Dh1.08 billion during the same period last year.

The company said revenue for the first six months of the year was Dh6.99 billion, underpinned by the progress in construction and timely project delivery. This is 119 per cent more than the H1 2017 revenue of Dh3.19 billion.

It reported total sales of Dh6.23 billion during H1 2018. Emaar now has a total sales backlog of over Dh38.50 billion, majority of which will be recognised as revenue over the next three to four years. Emaar Development's net profit grew 73 per cent in the second quarter of 2018 to Dh997 million, compared to Q2 2017 at Dh575 million.

Revenue for Q2 2018 was Dh3.72 billion, 145 per cent more than the Q2 2017 revenue of Dh1.52 billion. In the first half of the year, Emaar Development launched the sale of over 3,600 residential units across its mega developments in Dubai. It now has a development pipeline of over 60 residential projects in the UAE with over 28,000 units.

Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said the company will continue to seek opportunities for developing property assets that create long-term value for our stakeholders.

Emaar Development's main launches in the first six months of 2018 include: The Grand, an exclusive collection of ultra-luxury apartments, penthouses and podium-level townhouses, in Dubai Creek Harbour; Socio and Collective, innovative concepts for co-living spaces in Dubai Hills Estate; Beach Vista and Sunrise Bay in Emaar Beachfront and Grande in Downtown Dubai, among others. During Ramadan and summer, Emaar offered several value-added offers for customers, which contributed to increased sales.

 

 

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