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Sun 10 Nov 2019 05:39 PM

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Emaar Properties sees profits rise 20% in Q3 on higher sales

The company attributes the growth to continued interest from foreign investors and first-time home buyers

Emaar Properties sees profits rise 20% in Q3 on higher sales

Emaar Properties and Emaar Development chairman Mohamed Alabbar.

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).

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