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Emaar Properties Q1 net profit increases 17% to $328 million

Staff writer |
Global developer Emaar Properties has recorded first-quarter (January to March) 2016 net profit of AED 1.205 billion ($328 million).

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This is an increase of 17 percent compared to the net profit of AED 1.026 billion ($279 million) during the same period last year.

Led by significant progress in construction of its projects, Emaar’s Q1 2016 revenue was AED 3.529 billion ($961 million), 17 percent higher than the Q1 2015 revenue of AED 3.024 billion ($823 million).

Recurring revenues from the shopping malls and hospitality businesses during Q1 2016 were AED 1.555 billion ($423 million), 44 percent of the total revenue.

International operations, led by the strong results primarily in Egypt among other markets, contributed AED 499 million ($136 million) to revenue, a growth of 44 percent over Q1 2015 revenue and accounting for 14 percent of Emaar’s Q1 2016 revenue.

Emaar has distributed a cash dividend of 15 percent of the share capital, equivalent to AED 1.074 billion ($292 million) for the year 2015.

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