Emaar Development Q1 net income up 62% on project delivery - The National

Emaar Development Q1 net income up 62% on project delivery - The National:

"Emaar Development, the real estate arm of the UAE's biggest developer Emaar Properties, posted a 62 per cent rise in the first quarter net income as revenues surged on the back of continued delivery of projects. The company reported net profit of Dh819 million for the three months to the end of March, up from Dh506m reported a year earlier, the company said in a statement to the Dubai Financial Market, where its shares are traded. The quarterly revenues almost doubled to Dh3.27 billion, from Dh1.67bn, reflecting strong progress in construction of its projects, it said. Emaar Development, which follows a build-to-sell business model, floated its shares on DFM in the fourth quarter of 2017 in the largest listing on the bourse since 2014. It recorded sales of Dh3.91bn in the first three months of the year and currently has a total sales backlog of Dh41bn, which highlights a delivery pipeline of more than 27,200 residential units in the next four to five years."



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