Emaar Properties, the biggest-listed developer in the UAE, posted a 30 per cent rise in full-year 2018 net income, beating analysts’ estimates as revenues surged.
Net profit attributable to equity owners for the 12-month period ending December 31 climbed to Dh7.22 billion, the company said in a statement on Thursday to the Dubai Financial Market, where its shares are traded. The stated profit is prior to considering the impact of Emaar Development's offering and currency fluctuations. The company did not provide the figure of net income after inclusion of these items.
The yearly income beat the Dh5.48bn estimate of analysts polled by Bloomberg. Revenues at the end of last year also jumped 37 per cent to Dh25.7bn, beating analysts' estimates of Dh23.4bn.
“Our strategy for 2018 was to launch and build premium real estate assets that gained strong investor response from regional and international markets,” said Mohamed Alabbar, chairman of Emaar. “With digital transformation and building an ownership mind-set driving our growth, we will continue to create long-term value for our shareholders.”
Emaar, the developer behind the world’s tallest tower Burj Khalifa, also posted a Dh1.95bn fourth quarter profit, a 34 per cent year-on-year advance. Revenues for the last three months of 2018, also rose 53 per cent to 8.3 billion.
The company has handed over 51,800 residential units to date in Dubai and international markets. More than 29,800 residential units are under development in the UAE with an additional 17,500 units around the world.
Emaar's "robust growth" was supported by the positive performance of Emaar Development, the UAE build to sale property development business and Emaar Malls, the company said.
In 2018 the company distributed a dividend of Dh4bn from the proceeds of its subsidiary Emaar Development's IPO. Emaar Malls and Emaar Development also distributed a cash dividend of Dh1.3bn and a special (interim) dividend of Dh1.04bn respectively last year.