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23 February 2024

Emaar Properties records Dh1.384bn net profit in Q1 2017

By Wam

Emaar Properties has recorded a net profit of Dh1.384 billion in the first quarter of 2017, an increase of 15 percent over the same period last year at Dh1.205 billion.

Total revenue for Q1 2017 was Dh4.072 billion, an increase of 15 percent over Q1 2016 revenue of Dh3.529 billion. Recurring revenues from the malls, hospitality, entertainment and leisure businesses of Emaar were AED1.592 billion in Q1 2017 contributing 39 per cent of the total Group revenue.

Emaar’s international operations recorded Q1 2017 revenue of Dh806 million, an increase of 62 percent over Q1 2016 revenue of Dh499 million, accounting for 20 percent of the total Group revenue.

At the Annual General Meeting of Emaar Properties, shareholders approved to distribute a cash dividend of Dh1.074 billion, equivalent to 15 percent of the share capital.

Mohamed Alabbar, Chairman of Emaar Properties, said that the positive results achieved by Emaar across its operations underline the focus of the company on continued value creation for its stakeholders.

"Along with our core business of creating premium real estate in Dubai and other international markets, our malls, hospitality and leisure businesses have also recorded growth. This is driven by our new customer-oriented digital strategy that helps optimise our resource use and enhance efficiency," Alabbar added.

"We have seen an increase in property sales in Dubai, and we are on track with our construction milestones. Emaar’s performance underpins the positive economic environment of Dubai led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai," he concluded.