Emaar Properties recorded a net profit of AED 1.205 billion for the first quarter of 2016, an increase of 17% compared to the same period last year. The company’s revenue was also up by 17%, at AED 3.529 billion, with recurring revenues from its shopping malls and hospitality businesses comprising 44% of the figure. Meanwhile, international operations, led by strong results in Egypt, contributed AED 499 million, and the firm recorded an increase of almost a third in its property business revenue, at AED 1.974 billion. Property sales grew 41% to AED 5.151 billion over Q1 2015, led by robust trade in Dubai. Sales in the emirate were valued at AED 4.194 billion, 70% higher than the same period in 2015, thanks to strong investor interest in Harbour Views at Dubai Creek Harbour, The Address Residences Dubai Opera and Sidra villas in Dubai Hills Estate. Commenting on the results, the managing director of NBAD securities, Mohammed Ali Yasin, says the numbers suggest that the city's real estate market is gaining momentum, despite earlier forecasts that it would weaken. He says it could be due to several factors.
Listen
Emaar has distributed a cash dividend of 15% of the share capital, equivalent to AED 1.074 billion for the year 2015.
ADNOC Drilling awarded AED6.24bn contract to unlock UAE’s unconventional energy resources
EHRDC offer 50 private-sector job opportunities for Emiratis
Tokyo startup to develop reusable rocket
OpenAI strikes deal to bring Reddit content to ChatGPT
