Emaar Properties records 19 percent growth in net profit during the first nine month of 2016
Global property developer Emaar Properties recorded 19 per cent growth in net profit to AED 3.620 billion (US$ 986 million) during the first nine months (January to September) of 2016 compared to a net profit of AED 3.048 billion (US$ 830 million) during the same period in 2015.
Revenue for the first nine months of 2016 was AED 11.103 billion (US$ 3.023 billion). This is an increase of 13 per cent over the revenue of AED 9.849 billion (US$ 2.681 billion) during the same period last year.
The combined revenue from the shopping malls & retail and hospitality & leisure businesses during the first nine months of 2016 stood at AED 4.278 billion (US$ 1.165 billion), similar to same period in 2015 despite the ongoing development at The Address Downtown Dubai hotel this year. Today, these two business segments account for 39 per cent of the total revenue of Emaar.
Emaar’s international operations recorded revenue of AED 1.696 billion (US$ 462 million) during the first nine months of 2016. This accounts for 15 per cent of the total revenue.
With total sales of AED 14.689 billion (US$ 3.999 billion) during the first nine months of 2016, which is 28 per cent higher than the sales of AED 11.442 billion (US$ 3.115 billion) during the same period last year, Emaar now has a backlog of AED 47.576 billion (US$ 12.953 billion) to be recognised in the next few years. This demonstrates the financial fundamentals of the company and the continued value it will create for its stakeholders.
Source: Emaar Properties