Dubai's Emaar reports its nine-month profit almost halving. - GulfToday

Dubai's Emaar reports its nine-month profit almost halving

  • 11 Nov 2020
Emaar

Picture used for illustrative purpose. File

Gulf Today Report

Emaar Properties on Wednesday reported its profit for the first nine months of the year was almost cut into half.

In a statement, Emaar said its profit declined 48% from January- September. Nine-month revenue slumped 26% to 13.4 billion dirhams.

Dubai’s largest listed developer’s chairman said he is positive about the rest of the year. 

READ MORE

Dollar declines as hope for vaccine decreases

Gold climbs as concern over coronavirus cases increase

Oil products in Fujairah low in two-weeks

Similar to every economic sector, the pandemic has affected the already struggling Dubai’s property market.

The Chairman Mohamed Alabbar said, “looking to the future, I am cautiously optimistic about the remainder of the year and I am confident that things will be in better shape across most sectors by summer 2021.”

 

Related articles

Emaar Malls reports full-year revenue of Dhs3.508b

Emaar Malls, the shopping malls and retail business that’s majority-owned by Emaar Properties recorded revenue of Dhs3.508 billion ($955 million) in 2020. Overall net profit in 2020 amounted to Dhs704 million (US$ 192 million).

10 Feb 2021

Taqa reports Dhs3.3b revenues; Emaar’s sales is Dhs3.230 billion

Abu Dhabi National Energy Company (Taqa), announced on Thursday its earnings for the second quarter of 2020. The company’s revenues reached Dhs3.3 billion for the quarter, reflecting the COVID-19 pandemic ongoing adverse impact on energy markets.

14 Aug 2020

VIDEO: Sheikh Mohamed Bin Zayed visits Dubai Mall

The Abu Dhabi Crown Prince was accompanied by Mohamed Alabbar, Chairman of Emaar Properties.

09 Jan 2020

Emaar Malls posts 6% growth in revenue to Dhs2.227b in half-year

Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded an increase in net profit by 3 per cent during the first six months (January to June) of 2019 to Dhs1.130 billion (US$ 308 million), compared to the net profit of Dhs1.102 billion (US$ 300 million) during the same period

31 Jul 2019

Most Popular Stories

Other Articles

Emirati-Thai Business Council to boost cooperation, increase trade

Bilateral trade between the United Arab Emirates and the Royal Kingdom of Thailand is set to soar to higher heights with the establishment of the UAE-Thai Business Council

3 hours ago

Sharjah Airport records huge growth as 13 million passengers’ crossed last year

Sharjah Airport experienced a remarkable growth in the previous year achieving the Authority’s primary objectives of revamping the Emirate’s tourism

5 hours ago

Investors’ choices shape future of economy in region, world

Mohammed Juma’a Al Musharrakh , Chief Executive Officer of the Sharjah FDI Office (Invest in Sharjah), highlighted the rich investment options and promising opportunities

5 hours ago

China’s yuan edges up due to de-escalation in Sino-US tensions

China’s yuan edged higher on Tuesday from a one-month low against the dollar hit a day earlier, supported by signs of de-escalation in Sino-US tensions.

6 hours ago