Emaar Properties recorded a 32% 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% higher than its Q3 performance in 2016.
Emaar recorded a net profit of $1.184bn for the year to date – up 20% on last year – and improved revenues of $4.182bn, up 21% on 2016. The company said it has seen a surge in sales of residential property in Dubai, which increased by 32% 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% increase in revenues of $1.772bn for the first nine months of the year, and a net profit of $573m over the same period.
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Emaar Hospitality Group CEO Olivier Harnisch made the Hotelier Middle East Power 50 2017 list.
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