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Dubai's Emaar Properties reports 27% Q4 profit increase

Dubai's Emaar Properties reports 27% Q4 profit increase

Dubai’s largest listed developer Emaar Properties beat expections to report a 27 percent rise in fourth-quarter profit on Thursday, helped by solid performances at its development and hospitality units. The developer of Dubai’s Burj Khalifa, the world’s tallest tower, said it made 1.79 billion dirhams ($490 million) in the three months to Dec. 31 2018 compared with 1.41 billion dirhams a year earlier.

Revenue rose 53 percent to 8.3 billion dirhams.

EFG Hermes estimated Emaar would make a quarterly profit of 1.42 billion dirhams, while SICO Bahrain estimated 1.15 billion dirhams.

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

Savills has said Dubai’s residential real estate prices could fall by 5 to 10 percent this year due to new supply, a strong dollar and lower oil prices.

Dubai’s DAMAC Properties, owner and operator of the only Trump-branded golf club in the Middle East, reported an 87 percent fall in fourth quarter profit earlier on Thursday. Source: Reuters

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