Dubai’s Emaar Properties, builder of the world’s tallest tower, reported a 31 percent rise in third-quarter net profit on Sunday as revenue surged by an even faster rate.
The developer, in which Dubai’s government owns a minority stake, made a net profit of AED843 million ($229.5 million) in the three months to September 30, Emaar said in a statement. That compares with a profit of AED645 million in the year-earlier period, it said.
Emaar’s third-quarter profit fell below a forecast by EFG Hermes which had estimated it would be AED1.02 billion.
Third quarter revenues were AED3.3 billion ($898 million), up by 56 percent from the same period of last year.
The company achieved the latest results despite signs of uncertainty in the Dubai property market. While housing prices are expected to drift lower this year, some experts say well-balanced supply and demand for properties should keep prices stable.
For the first nine months of the year, net profit rose by 16 percent to reach AED3.05 billion, from AED2.62 billion in the year earlier period.
Over the same period, Emaar’s international operations recorded revenue of 1.73 billion dirhams, which is 18 percent of the total revenue.
The company has assets valued at more than 156 billion dirhams and a land bank of 195 million square metres in Dubai and globally, it said.