Top Dubai property developer Emaar says net profit rises 8 pct in first quarter

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Dubai’s largest property firm Emaar Properties reported an 8 percent 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 milli on dirhams in the same period a year earlier, it said in a statement.

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Revenue rose 12 percent to 5.9 billion dirhams while group property sales jumped 83 percent to 7.1 billion dirhams, some of which will be recognized 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.

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