Emaar Development's IPO
Emaar Properties announces its intention to proceed with the sale of existing shares of its UAE build-to-sell property development business, Emaar Development LLC, via an initial public offering on the Dubai Financial Market. Emaar Properties expects to sell 20% of the Company in the Offering, consistent with its stated strategy of bringing subsidiary companies to market once they have reached sufficient maturity.Key financial highlights
- Sales of 6,539 units in the 9 months ended September 2017 with a sales value of AED 15.4 billion, an increase of 32% from the AED 11.6 billion recorded in the corresponding period for the previous year.
- Achieved an average gross profit margin of 42% on revenue recognised for the 9 month period ended September 2017.
- Strong cash position of AED10.2bn as at 30 September 2017.
- Based on a third-party valuation by JLL, Emaar Development has a total Gross Asset Value (“GAVâ€) of AED35.6bn, which corresponds to an Adjusted Net Asset Value (“Adjusted NAVâ€) of AED24.1bn as of September 2017.
AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.