DUBAI: Emaar Development posted net profits of Dhs2.86 billion for the fiscal year between January 1 and November 20, 2017, according to the company’s financial statements.

The statements showed that the company’s net profits for the above period of nearly 11 months exceeded its net profit of Dhs2.45 billion in the whole of 2016, by Dhs415 million.

The company also posted net profits of Dhs424.6 million between early October and November 20.

Emaar Development’s revenues totaled around Dhs7.68 billion between January 1 and November 20, compared with Dhs6.9 billion in the whole of 2016. The company generated revenues of around Dhs1.17 billion over 51 days between early October and November 20.

The company’s assets totaled around Dhs21.8 billion by the end of November 2017, while its liabilities totaled around Dhs16 billion.

Emaar Development sold residential apartments worth Dhs4.58 billion between January 1 and November 20, villas worth Dhs2.63 billion and commercial properties and land plots worth Dhs473.7 million, bringing the total revenues from sales to around Dhs7.68 billion.

As of November 20, 2017, the group issued a performance bond of Dhs5.14 billion (Dhs3.9 billion as at December 31, 2016) to the Real Estate Regulatory Agency in Dubai as collateral for its projects under the agency’s regulations.