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Emaar Properties reports 7.2% increase in profit in Q1 2019

Infra News - Published on Wed, 08 May 2019

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Dubai's largest listed developer Emaar Properties on Sunday reported a 7.2% rise in first-quarter profit helped by a significant jump in sales. The developer of Dubai's Burj Khalifa, the world's tallest tower, said it made AED 1.74 billion (USD 474 million) in the three months to March 31 compared with AED 1.63 billion dirhams a year earlier. Revenue rose to AED 5.89 billion. It has reported revenue of AED 5.59 billion dirhams for the first quarter of 2018.

Property sales jumped 53% to AED 5.98 billion, increasing its sales backlog to AED 50 billion.

Residential prices in Dubai have been declining since hitting a peak in 2014 due to excess supply and muted appetite.

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Posted By : Mohan Sharma on Wed, 08 May 2019
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