Dubai’s Emaar Properties reports 27% Q4 profit increase

Dubai’s largest listed developer Emaar Properties beat expectations to report a 27 per cent rise in fourth-quarter profit on Thursday, helped by solid performances at its development and hospitality units.

The developer of Dubai’s Burj Khalifa, the world’s tallest tower, said it made Dhs1.79bn ($490m) in the three months to Dec. 31 2018 compared with Dhs1.41bn a year earlier.

Revenue rose 53 per cent to Dhs8.3bn.

EFG Hermes estimated Emaar would make a quarterly profit of Dhs1.42bn, while SICO Bahrain estimated Dhs1.15bn.

Residential prices in Dubai have been declining since hitting a peak in 2014 due to excess supply and muted appetite for new sales.

Savills has said Dubai’s residential real estate prices could fall by 5 to 10 per cent this year due to new supply, a strong dollar and lower oil prices.

Dubai’s Damac Properties, owner and operator of the only Trump-branded golf club in the Middle East, reported an 87 per cent fall in fourth quarter profit earlier on Thursday.