Emaar Properties profit up 20% in Q3 2019
Dubai’s largest listed developer Emaar Properties said on Sunday third-quarter net profit jumped 20% despite a prolonged slowdown in the emirate’s property sector.
A supply glut has slowed the market for most of the decade, apart from a brief pick up more than five years ago, sending prices down by at least a quarter since 2014.
Emaar made 1.3 billion dirhams ($362 million) in net profit in the July to September period, compared to 1.1 billion dirhams a year ago, the company said in a bourse statement.
Arqaam Capital estimated the developer would make 1.2 billion dirhams, while EFG Hermes estimated 1.3 billion dirhams.
Revenue rose 14 percent to 6 billion dirhams.