Emaar Properties first-quarter net profit soars 17 per cent
Dubai’s Emaar Properties, the builder of the world’s tallest tower, reported a 17 per cent rise in first-quarter net profit on Sunday.
The developer, in which Dubai’s government owns a minority stake, made a net profit of AED1.21 billion in the three months to March 31, it said in a statement. This compares with a profit of AED1.03bn in the year-earlier period.
SICO Bahrain forecast Emaar’s first-quarter profit would be AED1.22bn.
Emaar’s quarterly revenue was AED3.53bn, also up by 17 per cent from AED 3.024bn a year earlier.
Recurring revenues from the shopping malls and hospitality businesses during the period under review were AED1.56bn, 44 per cent of the total revenue, the company said.
International operations, led by the strong results primarily in Egypt, among other markets, contributed AED499 million to revenue, the statement added.
“The first-quarter results are a clear indicator of the growth we have achieved across all of our three core businesses this year. Property sales in Dubai and other key international markets have gained momentum, a testament to our differentiating strength in offering the right property of choice for investors in premium locations,” said Mohamed Alabbar, Chairman of Emaar Properties.
Alabbar said his company was building premium projects in exceptional locations in Dubai to support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to establish the city as a global leader in all sectors and to complement the preparations for Expo 2020 Dubai.
“This is highlighted by the launch of the iconic new tower in Dubai Creek Harbour and the planned opening of Dubai Opera in Downtown Dubai this year. Both will serve as magnets for investors and visitors,” he said.
Alabbar added: “We are also launching a new Retail District in Dubai Creek Harbour and expanding The Dubai Mall, in addition to rolling out 35 new hotels and serviced residences in Dubai and other international markets. The sustained recurring revenue from these assets will help create long-term value for our stakeholders.”
(With inputs from Reuters)