Emaar Properties PJSC (DFM: EMAAR) recorded a net operating profit of AED 5.704 billion (US$ 1.553 billion) during full-year (January to December) 2017, a growth of 16 per cent over the FY 2016 net operating profit of AED 4.917 billion (US$ 1.339 billion). Total revenue for FY 2017 increased by 21 per cent to AED 18.812 billion (US$ 5.122 billion), over FY 2016 revenue of AED 15.540 billion (US$ 4.231 billion).
In 2017, Emaar successfully listed its UAE build-to-sell property development business, Emaar Development, by selling its 20 per cent stake through IPO and raised AED 4.824 billion (US$ 1.313 billion) and also announced AED 4 billion (US$ 1.089 billion) of exceptional dividend from the proceeds of the IPO.
Emaar Development (DFM: EMAARDEV), majority-owned by Emaar Properties, reported total revenue of AED 8.863 billion (US$ 2.413 billion), a growth of 28 per cent compared to AED 6.899 billion (US$ 1.878 billion) in FY 2016. The Company also achieved record sales of AED 18.03 billion (US$ 4.91 billion) in FY 2017, an increase of 25 per cent over FY 2016 sales of AED 14.4 billion (US$ 3.92 billion). Emaar Development now has a sales backlog of around AED 41 billion (US$ 11 billion) as of December 31, 2017, highlighting the robust fundamentals of the company with more than 24,000 residential units to be delivered over the coming years.
Underpinning the success of Emaar’s business segmentation, its shopping malls, hospitality and leisure and entertainment businesses together accounted revenue of AED 6.351 billion (US$ 1.729 billion) representing 34 per cent of the total revenue of FY 2017, 6 per cent higher than FY 2016 revenue of AED 5.976 billion (US$ 1.627 billion).
Revenue from Emaar’s international development operations was AED 3.603 billion (US$ 981 million) during FY 2017, a growth of 35 per cent over FY 2016 revenue of AED 2.665 billion (US$ 726 million); global operations now account for 19 per cent of Emaar’s total revenue.