Emaar Developments, the real estate arm of the biggest UAE-based development company Emaar Properties, announced that its profits have witnessed a significant leap upwards in the first quarter of 2018, as its revenue have almost doubled from $455m in Q1 of 2017 to $890m in Q1 of 2018 while its net profit has increased from $138m in Q1 of 2017 to $223m in Q1 of 2018.
In his comment on the announcement, Mohammed Alabbar, the chairman of Emaar Properties explained that the main goal behind the listing of Emaar Properties was to create added value for the company’s stakeholders. Alabbar added that the results of this strategy have been reflected in the growth of the company’s portfolio and its delivery of high-end projects and services.
During the last three months, Emaar has launched more than 2,500 residential units in many of its mega developments including Beach Vista and Sunrise Bay, the first two of Emaar projects in its own Emaar Beachfront master development which generated accumulated sales of $368m.
Emaar currently has a total sales backlog of $11bn which reflects her deliverance of more than 27,000 residential units in the next 4 to 5 years.