Global property developer Emaar Properties recorded 19% growth in net profit to $986m (AED3.6bn) during the first nine months of 2016 compared to $830m (AED3.04bn) during the same period in 2015.
Revenue for the first nine months of 2016 was recorded at $3.02bn (AED11.1bn), an increase of 13% over $2.6bn (AED9.8bn) during the same period last year.
Emaar’s international operations recorded revenue of $462m (AED1.6bn) during the first nine months of 2016, which accounts for 15% of the total revenue.
With total sales of $3.9bn (AED14.6bn) during the first nine months of 2016, which is 28% higher than the sales during the same period last year, Emaar now has a backlog of $12.9bn (AED47.5bn) to be recognised in the next few years.
During the third quarter of 2016, Emaar recorded a net profit of $312m (AED1.1bn), which is 36% higher than the Q3 2015 net profit of $230m (AED843m).
Revenue for Q3 2016 stood at $1.04bn (AED3.8bn), 16% higher than the Q3 2015 revenue of $906m (AED3.3bn). More info
By Paromita Dey www.constructionweekonline.com