Emaar Development: 28,000 residences under development in UAE; 9-month profit falls

The developer reported property sales of $1.182bln in the nine-month period

  
The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. Picture taken December 28, 2018. Image for illustrative purposes.

The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. Picture taken December 28, 2018. Image for illustrative purposes.

REUTERS/ Hamad I Mohammed

Emaar Development has completed more than 2,500 residential units in 2020 across prime locations and over 28,000 residences are currently under development in the UAE, the leading developer of residential and commercial assets in the Emirates, said in a statement.

The completed residential units were in Dubai Hills Estate, Dubai Creek Harbour, Arabian Ranches and Emaar South. As of October 2020, Emaar has handed over more than 45,000 residential units, the developer said.

The developer reported property sales of 4.343 billion dirhams ($1.182 billion) in the nine-month period (January to September). Its nine month net profit fell to 1.36 billion dirhams compared to 2.07 billion dirhams in 2019. Its nine month revenue also fell to 7.13 billion dirhams compared to 9.63 billion dirhams last year. 

Commenting on the results of the nine months of 2020, Mohamed Alabbar, Founder of Emaar Properties and Emaar Development, said: “Emaar Development remains strongly committed to the delivery of homes and maintaining the highest quality of living experiences for our homeowners. This is the DNA of our business and the key to our resilient financial performance amid challenging market conditions. Through our various initiatives and digital platforms, we continue to support our customers in meaningful, human, and relevant ways."

“Additionally, we continue to safeguard our stakeholders’ interest by maintaining a firm grasp on our cost base, reducing our operational costs and effectively managing our risks,” he added.

Emaar Development generated over 10 percent in savings in utilities through a focus on energy and sustainability across all aspects of its operations, it said in a statement.

(Writing by Seban Scaria; editing by Anoop Menon)

seban.scaria@refinitiv.com

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© ZAWYA 2020


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