Emaar net profit rises 8% in first quarter


Dubai’s largest property holding Emaar Properties reported an 8% rise in first-quarter net profit on Monday. Emaar made 657 million dirhams ($179 million) in profit in the January-March period up from 609 million dirhams in the same period a year earlier, it said in a statement.

Revenue rose 12% to 5.9 billion dirhams while group property sales jumped 83% to 7.1 billion dirhams, some of which will be recognised as future revenue.

Emaar Founder and Managing Director Mohamed Alabbar said the results were “comparable” to 2019, before the coronavirus pandemic took its toll on businesses around the world.

In the first quarter of 2019, Emaar reported revenue of 5.9 billion dirhams and profit of 1.74 billion dirhams.

Emaar Properties Dubai

Emaar Properties Dubai

More from NEWS

Lamborghini opens Lamborghini Lounge and showroom in New York City

Tucked away beneath the famed High Line elevated walking path within the coveted Chelsea neighborhood on Manhattan’s west side, Automobili …

Adidas seeking to sell Reebok for US$1 billion

As Adidas’ sale of Reebok enters its operational phase, the German sportswear giant could net just one billion dollars according …

Gucci to host upcoming collection in Los Angeles

Six years after Alessandro Michele’s first cruise runway show for Gucci in New York City at the Dia-Art Foundation, the designer is planning …