Emaar Properties profit up 20% in Q3 2019

Emaar Properties profit up 20% in Q3 2019
11/11/2019 , by , in INTERNATIONAL

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.

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