UAE’s Emaar Properties has recorded one of its highest quarterly sales in Q1 2019, mainly due to a 123 percent surge in sales to international customers. The company’s net profits rose by 7.2 percent largely supported by strong property sales.
Emaar has already booked its first-quarter sales of $720 million to international customers compared to $323 million in the same period last year. That said, it has also reported a net profit of $474 million in the first quarter of 2019, compared to a net profit of $442 million in the first quarter of 2018.
Mohamed Alabbar, chairman of Emaar Properties, said, “Our focus on timely project execution and cash flow generation underlines our market leadership.”
Also, the company’s sales backlog anticipating revenues over the next three to four years increased from $13.17 billion to $13.61 billion at the end of the first quarter of 2019. The company said in a statement that the backlog represents the ‘robustness’ of its financial position from the past to present.
“Emaar’s operational strategy of building premium residential assets, and expanding the malls, hospitality and entertainment operations to meet the aspirations of the new generation of customers continues to drive our growth.”
However, the residential real estate value in Dubai could drop by five to ten percent owing to factors such as strong dollar value and lower oil prices.