Property

Dubai’s Emaar Properties reports 7% rise in profit

Developer of the Burj Khalifa skyscraper sold $672m in property in its home market during the first quarter

PHOTO: Emaar Properties reported $820 million in revenues during the first quarter. Credit: Shutterstock

Dubai’s Emaar Properties has reported a 7 percent increase in its first-quarter profits, on the back of $672 million in property sales and the growth of its malls business.

The developer made a net profit of $279 million in the three months to March 31, it said in a statement to the Dubai Financial Market, compared to $261 million a year ago.

“The sustained growth in net profit and revenue is supported by the increase in recurring revenues from the group’s shopping malls, retail and hospitality businesses,” Emaar said.

Revenues were up by 26% to $820 million during the quarter. Emaar Malls, in which Emaar floated a stake last year, reported a 21% hike in revenues. The hospitality and leisure business was stable, Emaar said, with revenues of around $135 million during the first quarter.

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