Following the good path
Emaar Properties has released its Q2 2017 figures showing a slight increase of 2%, yoy, in its revenue to AED3,794m. On the other hand, the direct costs decreased by 11%, yoy, which resulted in an increase of the company’s gross margin to 57% (vs. 51% in Q2 2016).The company continued to carefully manage its costs with a stable SG&A/sales ratio at c19% for the past 6 quarters. In Q2 2017, other income was 4X higher than the previous year, reaching AED205m.
The developer’s total backlog reached AED49.5bn, with over 80% concentrated in Dubai.
Emaar has announced its plan to list its UAE real estate development business by November through share offerings of up to 30 per cent on the Dubai Financial Market (DFM).
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