Dubai’s Emaar Properties Q3 profit up 36%

Chairman Mohamed Alabbar said the company had focussed on efficiency to drive profitability this year



Dubai-based Emaar Properties has reported a 36 per cent increase in net profit for the third quarter of 2016.

Profit for the quarter stood at Dhs1.145bn ($312m) from Dhs843m ($230m) in Q3 2015.

This fell slightly short of Dhs1.2bn and Dhs1.33bn forecasts by SICO Bahrain and EFG Hermes, according to Reuters.

Revenue was up 16 per cent to Dhs3.846bn ($1.047bn) from Dhs3.329bn ($906m) last year.

Chairman Mohamed Alabbar said the company had focussed on efficiency to drive profitability this year and strengthened its revenue stream through new projects.

“Dubai Creek Harbour, Dubai Hills Estate and the ongoing expansion of Downtown Dubai are examples of our commitment to create city hubs with digital lifestyle features that meet the aspirations of the future generation,” he said.

Emaar’s launches so far this year have included The Address Residences Dubai Opera, Act One Act Two and Il Primo in Downtown Dubai, premium Fairway & Parkway Vistas and Sidra villas in Dubai Hills Estate, the 52/42 prime waterfront development in Dubai Marina; Creek Horizon and Harbour Views in Dubai Creek Harbour.

Dubai property sales in the first nine months of the year increased 54 per cent to Dhs11.601bn ($3.158bn) from Dhs7.513bn ($2.045bn).

Read: Emaar unveils massive golf development in Dubai South

Net profit for the period was up 19 per cent to $986m and revenue was up 13 per cent to $3.023bn.

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