Emaar Properties has posted a net profit of AED 7.216 bn in 2018, a 30% rise from AED 5.561 bn reported in 2017, prior to considering the effect of the initial public offering (IPO) of Emaar Development and forex movement, Invest-Gate reports.

Revenues reached AED 25.694 bn in 2018, a rise of 37% from AED 18.752 bn in a year earlier, according to the developer’s statement on February 14.

In 2018, Emaar Properties distributed an exceptional dividend of AED 4 bn from the proceeds of Emaar Development IPO.

Emaar Malls and Emaar Development too distributed a cash dividend of AED 1.301 bn and special (interim) dividend of AED 1.040 billion in 2018.

Mohamed Alabbar, chairman of Emaar Properties, said: “Our strategy for 2018 was to launch and build premium real estate assets that gained strong investor response from regional and international markets,” adding “We also expanded our malls business to be relevant to changing customer aspirations, highlighted by the expansion of The Dubai Mall and the launch of Dubai Square.”

As for the hospitality business, Alabbar noted, “We aim to be asset-light and focus more on our operational strengths. With digital transformation and building an ownership mindset driving our growth, we will continue to create long-term value for our shareholders.”