Emaar reports Dhs1.3 billion profit

Dubai construction and hospitality giant Emaar Properties on Sunday reported a rise in interim profit results. The company, which owns the world’s tallest tower, Burj Khalifa, said it posted Dhs1.3 billion ($362 million) in net profit in the third quarter (Q3), up 20 per cent from Dhs1.1 billion ($302.4 million) in the same period last year.

Emaar, the largest property firm in the Middle East, reported that over the first nine months of the year net profits rose just 2.3 per cent to $1.2 billion, from $1.18 billion in the corresponding period of 2018. Sales in the first three quarters of 2019 hit $3.44 billion, a surge of 25 per cent on the same period last year.

The growth was attributed to the “resilient performance of the property, malls and hospitality business,” the company said in a statement posted on the Dubai Financial Market website.

Since 2002, Emaar has delivered some 59,000 residential units in Dubai and other global markets.

Besides real estate, Emaar has a number of malls, including Dubai Mall, the world’s most visited shopping centre, and several hotels.

Earlier the Emaar Malls, a unit of Dubai’s biggest listed developer Emaar Properties, reported a 12 per cent increase in third quarter net profit driven by the strong performance of its shopping mall assets and its online retail business. Net profit in the three months ending September climbed to Dhs602 million, the company said on Sunday in a filing to the Dubai Financial Market, where its shares trade. Revenue at the end of third quarter rose 5 per cent to Dhs1.18 billion.

“Emaar malls has consistently explored opportunities to deliver an enhanced shopping experience by taking a customer-centric view of the entire consumer journey, which helps us achieve sustained growth-both through our malls and Namshi, our fully owned online business,” Mohamed Alabbar, chairman of Emaar properties and a board member of Emaar Malls said.

Agencies