Emaar records 20% increase in net profit in Q3 2019
- Net profit for the quarter stood at AED 1.3 billion
- Interest from foreign investors and first-time home buyers supported growth
Real estate developer Emaar Properties recorded net profit of AED 1.3 billion during the third quarter of 2019, up 20% from the same period a year ago, the company said.
The group’s revenue during the third quarter also saw an increase of 14% on year at AED 6 billion.
The company attributed the growth to “the continuous interest from foreign investors in both residential and commercial developments as well as new, first-time home buyers entering the UAE property market”.
“Emaar’s results are driven by its key principles of having the best people working day and night to achieve utmost customer happiness through providing them superior product and services,” said Mohamed Alabbar, Chairman of Emaar Properties and Emaar Development, in a statement to the Dubai Financial Market.
“Maintaining superior performance is a key testimony of an excellent team and their continuous efforts to achieve efficiencies, superior product and financial results,” he added.
For the first nine months of the year, Emaar reported sales of AED 12.6 billion, up 25% from the same period in 2018.
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