Emaar Properties reports 7% Q1 2019 profit rise

05/05/2019 Reuters

 

Dubai's largest listed developer Emaar Properties on Sunday reported a 7.2 percent rise in first-quarter profit helped by a significant jump in sales.

 

The developer of Burj Khalifa, the world's tallest tower, said it made AED 1.74 billion ($474 million) in the three months to March 31 compared with AED 1.63 billion a year earlier.

 

Revenue rose to AED 5.89 billion, according to a bourse statement. It reported revenue of AED 5.59 billion for the first quarter of 2018.

 

Property sales jumped 53 percent to AED 5.98 billion, Emaar said, increasing its sales backlog to AED 50 billion.

 

Emaar said its sales to international investors more than doubled in the first quarter.

 

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.

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