Developer sees surge in Dubai property sales during first ninth months of the year
Emaar Properties recorded a 32 percent rise in Q3 net profit, amid soaring Dubai property sales.
The property developer reported a profit of $411 million, up from the $312m it reported in the same quarter last year.
Revenue was also up during the quarter, at $1.521 billion, which is 45 percent higher than its Q3 performance in 2016.
Emaar recorded a net profit of $1.184bn for the year to date – up 20 percent on last year – and improved revenues of $4.182bn, up 21 percent on 2016.
The company said it has seen a surge in sales of residential property in Dubai, which increased by 32 percent over the same period last year.
“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,” said Mohamed Alabbar, chairman of Emaar Properties.
Emaar Development, which will be part-sold via an initial public offering on the Dubai Financial Market, reported a 27 percent increase in revenues of $1.772bn for the first nine months of the year, and a net profit of $573m over the same period.