Emaar Properties Q3 profit up 20% as sales jump

Filed on November 10, 2019 | Last updated on November 10, 2019 at 06.05 pm

Revenue rose 14 per cent to Dh6 billion.

Dubai's largest listed developer Emaar Properties said on Sunday that its third quarter net profit jumped 20 per cent.

Emaar made Dh1.3 billion ($362 million) in net profit in the July to September period, compared to Dh1.1 billion a year ago, the company said in a bourse statement.

Arqaam Capital estimated the developer would make Dh1.2 billion, while EFG Hermes estimated Dh1.3 billion. Revenue rose 14 per cent to Dh6 billion.

Emaar said it has launched 19 projects across its mega developments in Dubai in the nine months of the year, with a total project value of Dh10.1 billion. The company has booked Dh12.6 billion in sales over the same period, up 25 per cent compared to a year ago, it said.

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