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Emaar Q1 profit jumps 33% as Dubai property demand stays strong

Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema·Justin Varghese·22 days ago
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Dubai: Emaar Properties reported a 33% rise in first-quarter net profit before tax on Monday, supported by strong property sales in the UAE and growth across its malls and leasing businesses. The Dubai-listed developer said net profit before tax reached Dh7.2 billion ($2 billion) in the three months ended March 31, while revenue rose 23% year-on-year to Dh12.4 billion. EBITDA increased 34% to Dh7.2 billion. Property sales climbed 16% to Dh22.4 billion during the quarter, driven by demand across established communities and new project launches in the UAE, the company said. Its revenue backlog rose 29% year-on-year to Dh163.4 billion, providing visibility for future earnings. Founder Mohamed Alabbar said the results reflected the resilience of the UAE economy despite regional geopolitical tensions.…

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