Dubai’s Emaar Malls Q1 Net Profit Rises 32%

Dubai’s Emaar Malls Group (EMG), a unit of Emaar Properties, reported a 32 per cent rise in first-quarter net profit on Wednesday.

EMG made a net profit of Dhs433 million ($117.9 million) in the three months to March 31, the company said in a statement. That compares with a profit of Dhs329 million in the year-earlier period.

Quarterly revenue was Dhs735 million, up 21 per cent year-on-year.

Parent firm Emaar Properties owns an 84.6 per cent stake in EMG, having floated 15.4 per cent of its subsidiary last September. At the time, the Dhs5.8 billion share sale was the Gulf’s largest since 2008.