Business is good !
Emaar properties released its Q3 2017 results, showing an increase of 45%, yoy, in its revenues which amounted to AED5.59bn. On the other hand, direct costs increased by 49.6% to AED2.77bn resulting in a 50% decrease in the gross margin (vs. 52% in Q3 2016). The company enhanced its cost management, reducing its SG&A/Sales ratio to 16.4% compared to a stable c19% over the past 6 quarters.Emaar recorded a net profit of AED4,347m over 9M, an increase of 20% compared to the same period a year earlier (The Net profit margin remained stable at 32%).
On the balance sheet side, the company recorded a 9.8% increase in its debt compared to FY 2016 to AED11bn.
The company purchased a well-positioned prime, water-front land in Dubai Harbour, measuring about 950,000 square feet.
The value of Emaar Development’s IPO increased to AED 4.82bn from AED 4.56bn i.e.
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