The iconic Dubai developer Emaar is riding high after posting its strongest Q1 results. Property sales skyrocketed 47% year-over-year to 13.5 billion dirhams, blowing past any previous first quarter.
It was full steam ahead for revenues too, with the top line** expanding 16% to 6.7 billion dirhams**. Even the bottom line fared superbly – pre-tax profits clocked in at 4.3 billion dirhams. The strategy of shifting focus to sales is paying big dividends.
There’s more good news in store as the future sales pipeline called the backlog, swelled 9% to a massive 78.3 billion dirhams. That translates to steady cash flow as developments are completed over the next half-decade.
Naturally, founder and Chairman Mohamed Alabbar is beaming. He praised his team’s “focused approach” for fueling “solid returns”. With their pragmatic mindset, it seems Emaar is primed for continued prosperity on the emirate’s booming property scene.
While some real estate players are feeling the effects of a slowing market, Emaar Properties is firing on all cylinders. They remind us that branding and experience still hold weight for buyers. It’ll be fascinating to watch their momentum roll on in the next quarters. For now, this giant can savor another blockbuster period.
Emaar has strong Q1 as property sales surge
The Dubai developer Emaar reported its best-ever performance in the first quarter. Property sales jumped 47% to AED 13.5 billion compared to last year. Revenues and profits also rose with bottom-line gains. Emaar’s founder said the strategic results underscored their focus on growth.
