Emaar Properties reports 30% profit jump as revenue nears $7bn
Developer reports off-plan sales of $3.92 billion in 2018; 56% of total revenue
Emaar Properties has reported a net profit of $1.965 billion in 2018, a 30% increase compared to 2017, prior to considering the effect of the IPO of Emaar Development and forex movement.
Revenue in 2018 was $6.995 billion, a growth of 37% over the previous year.
The 23rd annual general meeting of Emaar Properties has consequently approved the distribution of $290 million as a dividend to shareholders, (representing 15% of the share capital, being 15 fils per share).
According to a report by WAM, the meeting approved the report by the Board of Directors on the activities and financial position of the company, the auditor’s report, and the balance sheet for 2018. It added that KPMG was appointed as a auditor for 2019.
“We are thankful to our shareholders for their support that drives our growth and enables us to create long-term value for the company. Since our inception, we have continuously focused on redefining the property, retail and hospitality landscape of Dubai, and distributed $5.28 billion in cumulative dividends between 2011 to 2018.
“We evolve with time, and today, as a future-ready, digital-first organisation, we are committed to creating futuristic residential, retail, entertainment and leisure assets that transform the lifestyles of people globally,” said Mohamed Alabbar, chairman of Emaar Properties.
In a statement, the developer asserted that it had consistently outperformed itself despite operating in difficult market conditions. Having sold over 30,500 residential units in the past 10 years, recording sales of $24.07 billion, Emaar’s off-plan sales of $3.92 billion in 2018, accounted for more than 65% of the total sales, valued at $5.83 billion in Dubai.
