Emaar Properties Q3 net profit up 36%

Dubai’s biggest developer posts sharp hike in profits in 16% gain in revenues
Emaar Properties Q3 net profit up 36%
By Reuters
Tue 08 Nov 2016 07:08 PM

Dubai's Emaar Properties, builder of the world's tallest tower, reported a 36 percent increase in third-quarter net profit on Tuesday as revenue rose.

The developer, in which Dubai's government owns a minority stake, made a net profit of 1.15 billion dirhams ($313.1 million) in the three months to Sept. 30, it said in a bourse statement.

That compares with a profit of 843 million dirhams in the year-earlier period.

SICO Bahrain and EFG Hermes forecast Emaar would make a quarterly profit of 1.20 billion dirhams and 1.33 billion dirhams respectively.

Emaar's quarterly revenue was 3.85 billion dirhams, up 16 percent on the 3.33 billion dirhams recorded a year earlier.

It launched on Sept. 5 a new project, a golf course district in the south of the emirate. Emaar plans to fund the project with a little equity, a little debt, and off-plan sales, Emaar chairman Mohamed Alabbar said at the time.

For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.