Emaar Q4 profit rises 27%

Dubai’s largest listed developer Emaar Properties beat expections to report a 27 percent rise in fourth-quarter profit on Thursday, helped by solid performances at its development and hospitality units.

The developer of Dubai’s Burj Khalifa, the world’s tallest tower, said it made 1.79 billion dirhams ($490 million) in the three months to Dec 31 2018 compared with 1.41 billion dirhams a year earlier.

Revenue rose 53 percent to 8.3 billion dirhams.

EFG Hermes estimated Emaar would make a quarterly profit of 1.42 billion dirhams, while SICO Bahrain estimated 1.15 billion dirhams.

Residential prices in Dubai have been declining since hitting a peak in 2014 due to excess supply and muted appetite for new sales. (RTRS)