UAE's Emaar Properties’ 9M profit rises 28%

Dubai-listed developer Emaar Properties on Wednesday said its net profit in the first nine months of 2018 grew 28 per cent year-on-year (YoY) to AED 5.262 billion ($1.433 billion), prior to considering the effect of the IPO of Emaar Development and forex movement.

The revenue in the first nine months of 2018 also grew 30 percent YoY to AED 17.390 billion ($4.735 billion), compared to AED 13.351 billion ($3.635 billion) in the same period last year.

The firm’s build-to-sale real estate businesses in UAE, Emaar Development, recorded revenues of AED 10.033 billion ($2.732 billion), accounting for 58 per cent of the total revenue, and up 54 per cent YoY.

Emaar’s shopping malls, hospitality and leisure businesses recorded revenues of AED 5.186 billion ($1.412 billion) during the nine months of 2018, 17 per cent higher from the same period last year.