Emaar Properties reported a 20% increase in net profit for the third quarter of this year to AED 1.331 billion, compared to a net profit of AED 1.11 billion.
Revenue for the same period rose 14% to AED 6.075 billion, compared to AED 5.348 billion in the same period in 2018.
According to a statement sent to the Dubai Financial Market yesterday, Emaar's revenues for the first nine months of 2019 amounted to AED 17.644 billion and a net profit of AED 4.442 billion.
The company said that its real estate sales in Dubai during the same period amounted to about 12.624 billion dirhams, a growth of 25% compared to the same period last year.
The company attributed this to its continued interest, focus on its customers and quality of construction, noting that this makes it the first choice for investors.
Emaar showed that growth during this period was due to the continued interest of foreign investors in residential and commercial projects, as well as new home buyers for the first time, who are entering the real estate market in the UAE.
Mohammed Alabbar, Chairman of Emaar Properties, said, “The results of the company depend on its main constituents, namely the presence of the best human resources that work day and night to achieve the highest satisfaction rates for the company's customers by providing the best products and services.”
Alabbar added that «in the changing circumstances of the markets in which the company operates, maintaining high levels of performance is a testimony to the outstanding team of the company, and its continued efforts to raise efficiency rates and achieve good financial results».
Hospitality and international operations
Emaar's hospitality, leisure and commercial leasing business, along with Emaar Malls, generated revenues of AED 5.259 billion, representing 30% of the Group's total revenue.
During the first nine months of this year, Emaar's international real estate development operations recorded a 22% increase in revenues to AED 2.673 billion compared to the same period in 2018, which saw revenues of AED 2.185 billion. 15% of the Group's total revenue.