Emaar Properties on Sunday reported a significant year-on-year increase in both profits and Dubai property sales in the period from January until the end of September.

The property recorded AED4.347 billion ($1.184 billion) in net profits in the first nine months of 2017, up 20 percent from AED3.620 billion ($986 million) during the corresponding period of 2016.

Meanwhile, revenues grew 21 percent year-on-year to AED13.452 billion ($4.182 billion) between January and September from AED11.103 billion ($3.023 billion), Emaar revealed in a statement.

As for its subsidiaries, its build-to-sale real estate business Emaar Development LLC recorded AED6.508 billion, making up 48 percent of Emaar Properties’ total revenues and registering a 27 percent rise from the first nine months of 2016 Emaar Development LLC’s net profit for the nine months 2017 amounted to AED2.106 billion ($573 million), a rise of 32 percent year-on-year, the statement showed.

Meanwhile, its shopping malls, hospitality, and leisure businesses saw revenues of AED4.444 billion, which is similar to date reported during the first nine months of 2016.

"The impressive growth in sales of our Dubai residential property launches this year puts us in a strong position to generate strong cash flows for the coming years. The sustained demand for projects in Dubai is a strong indicator of the investor trust in Dubai," commented Emaar Properties chairman Mohamed Alabbar.

The Dubai-based developer’s international property development operations contributed AED2.559 billion to its total revenue, up 51 percent from AED1.696 billion in the first three quarters of 2016.

"International property development revenue now represents 19 percent of the total revenue," Emaar stated.

At the level of the third quarter of 2017, Emaar Properties logged AED1.51 billion in net profit, registering a 32 percent year-on-year growth from AED 1.145 billion, while revenues surged 45 percent to AED 5.586 billion compared to AED3.846 billion in Q3-16.

Emaar Properties further announced its intention to sell a 20 percent stake in Emaar Development via an initial public offering (IPO) on the Dubai Financial Market, DFM.

"The partial listing of Emaar Development and the proposed special dividends to be distributed from its proceeds highlight the continued value that we bring to our shareholders," Chairman Mohamed Alabbar added, highlighting that his company’s strategic focus is to continuously create long-term value for shareholders.