Dubai – Mubasher: Emaar Properties on Sunday announced a profit increase of 17% for the first three months of 2016 to AED 1.2 billion ($328 million), compared to AED 1.02 billion ($279 million) in the same period last year.
The Dubai-based developer said its profit rise was due growing sales in Dubai and Egypt, according to a filing to the Dubai Financial Market (DFM).
Emaar’s revenues in Q1-16 grew 17% to AED 3.529 billion ($961 million) from AED 3.024 billion ($823 million) reported in the same period in 2015.
Meanwhile, revenues from the malls and hospitality segment reached AED 1.555 billion ($423 million), representing 44% of the developer’s total revenues during the first three months.
Sales were up 41% in Q1-16 to AED 5.151 billion ($1.402 billion) backed by sales in Dubai and Egypt, the company said in a statement.
Commenting on the developer’s profits, chairman Mohammed Alabbar said that Emaar was getting ready to launch a new commercial zone in Dubai Creek as well expand its Dubai Mall. These events plans will coincide with the launch of 35 new hotel projects in Dubai and global markets, he added.
