Dubai’s Emaar Properties Q3 profit up 32% as home sales surge
Dubai’s Emaar Properties reported a 32 percent rise in third-quarter net profit helped by a surge in sales of residential properties. The developer, in which Dubai’s government owns a minority stake, made a net profit of 1.51 billion dirhams ($411.16 million) in the three months to Sept. 30, it said in a statement. That compares with a profit of 1.15 billion dirhams in the year-earlier period.
Emaar said sale of residential properties rose 32 percent in the nine months to the end of September this year from a year earlier, to 15.36 billion dirhams. “The impressive growth in sales of our Dubai residential launches this year puts us in a strong position to generate strong cash flows for the coming years,” Emaar’s chairman, Mohamed Alabbar, said in a statement.
Emaar’s quarterly revenue was 5.59 billion dirhams, which compares with 3.85 billion dirhams a year earlier. Dubai’s Emaar Properties is looking to raise as much as $1.5 billion from the sale of its 20 percent stake in its development unit in Dubai’s first major listing since 2014.