Dubai developer Emaar reports profit rise
Emaar Properties, the developer of the world’s tallest tower, on Sunday reported a rise in profits as sales grew by more than 50 percent despite a tough real estate market.
The Dubai-listed company said it made 1.742 billion dirhams ($474 million) in the first quarter, compared with 1.625 billion dirhams a year earlier, marking a 7.2 percent rise.
Revenue rose to 5.894 billion dirhams, compared to 5.59 billion for the first quarter of 2018, while property sales jumped 53 percent to 5.98 billion.
Emaar said sales during the quarter were at “one of the highest” levels in its history. Sales to international customers more than doubled to 2.645 billion dirhams, which Emaar said showed “the significant interest of international investors in Dubai real estate.”