Dubai’s Emaar Properties posts 2% Q2 profit rise

Emaar Properties, Dubai’s largest listed developer, on Tuesday reported a 2 per cent rise in second-quarter net profit after the impact of the public listing of its development business.

The developer of the Burj Khalifa, the world’s tallest building, fared better than rival Damac Properties which earlier reported a 46 per cent fall in second quarter profit from continuing operations on lower property prices and muted sales as new developments hit the real estate market.

Read: Damac CFO says company ‘holding its nerve’ amid Dubai real estate slump

Emaar made a net profit of Dhs1.48bn ($403m) in the three months to June 30, compared to Dhs1.45bn in the same year ago period as strong construction progress and growth in the mall business boosted revenue, it said in a statement

Brokerage and investment bank SICO Bahrain had estimated Emaar would make a net profit of Dhs1.47bn.

Excluding the effect of Emaar Development’s initial public share offer late last year, Emaar Properties said its second quarter net profit rose by 16 per cent from the year earlier period to Dhs1.68bn.

Read: Dubai’s Emaar Development falls on listing

Its revenue for the second quarter was Dhs5.89bn, 55 per cent higher than the same period of 2017.