Emaar Development recorded a 62% growth in net profit to $233m (AED819m) during Q1 2018 compared to $138m (AED506m) in Q1 2017.
Revenue for Q1 2018 grew by 95% to $890m (AED3.27bn) compared to $455m (AED1.67bn), reflecting strong construction progress focused on timely delivery. The company recorded sales of $1.06bn (AED3.91bn) in the first three months of the year and now has a total backlog of $11bn (AED41bn). This highlights the company’s strong fundamentals and robust delivery pipeline of over 27,200 residential units in the next four to five years.
In Q1 2018, Emaar Development launched the sale of over 2,500 residential units across its mega-developments within UAE and international markets.
Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said: “With the listing of Emaar Development, our focus was to unlock its true potential and create added value for our shareholders. This is demonstrated by the growth of the business and focus on delivering high quality projects and service with our customer-first approach. With our new developments, we are bringing exceptional lifestyle choices that meet the aspirations of our new generation through future city hubs that add value to the economy.”
In key launches during Q1 2018, Emaar Development unveiled Emaar Beachfront, a private gated island destination in the Arabian Gulf.
Emaar Development launched The Grand in Dubai Creek Harbour, which is an exclusive collection of ultra-luxury apartments, penthouses and podium-level townhouses. Emaar also marked significant progress in the construction of Dubai Creek Tower, where 90% of the pile cap work has been completed.
At Emaar South, a joint venture with Dubai South, Emaar Development launched Saffron, its first garden townhouse community. Emaar South offers a mix of tiered townhomes, townhouses, villas and apartments.
Emaar Development has over 10 mega-developments in its portfolio, and its strategy is to maintain its leadership role in prime residential real estate in Dubai, the company said.