Dubai’s Emaar Properties posts 14 percent rise in second-quarter profit

Chairman Mohamed Alabbar of Emaar Properties said that an IPO of up to 30 percent is to launch by November. (Reuters)

Dubai’s Emaar Properties, which is planning a partial listing of its UAE development operation, reported a 14.4 percent increase in second-quarter profit on Monday.

Emaar, in which Dubai’s government owns a minority stake, made $394.8 million (1.45 billion dirham) of profit attributable to the owners of the company for the three months to June 30, it said in a bourse filing, on revenue that rose 1.9 percent to $103 million.

The profit, up from $345.7 million a year earlier, beat a SICO Bahrain forecast of $353 million dirhams but was short of a $413.8 million dirham forecast from EFG Hermes.

Dubai’s largest listed property developer and builder of the world’s tallest tower floated its retail unit, Emaar Malls, in 2014, valuing the business at 10.27 billion.

The retail operation last week reported a 5 percent increase in second-quarter profit.

The initial public offering (IPO) of up to 30 percent of the UAE development business is expected to launch by November, the company’s chairman said in June.

Last Update: Wednesday, 20 May 2020 KSA 09:51 - GMT 06:51