By Bernd Debusmann Jr
The company attributes the growth to continued interest from foreign investors and first-time home buyers
Emaar Properties saw its Q3 net profits rise 20 percent despite a slowdown in local property sector, the company said in a statement on Sunday.
The statement said that net profit rose 20 percent between July and September of 2019 to $362 million (AED 1.1331 billion), compared to $302 million (AED 1.11 billion) during the same period in 2018.
Additionally, revenue grew 14 percent to $1.654 billion (AED 6.075 billion) during the third quarter, compared to $1.456 billion (AED 5.348 billion) during the same period last year.
“Emaar’s results are driven by its key principles of having the best people working day and night to achieve utmost customer happiness through providing them superior product and services,” Emaar Properties and Emaar Development chairman Mohamed Alabbar said.
In the first nine months of the year, a 25 percent increase in sales compared to the same time period in 2018.
The company attributed its growth to continued interest from foreign investors, as well as from first-time home buyers.
Across its various businesses, Emaar recorded a net profit of $1.209 billion (AED 4.442 billion) in the first nine months of the year, as well as revenue of $4.804 billion (AED 17.644 billion).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.