Going beyond expectations: Dubai's Emaar dazzles everyone with 48% profit jump
Emaar Properties, Dubai’s largest real estate developer, reported a 48% jump in fourth-quarter net profit on Monday, beating analysts’ estimates, as it benefited from a renewed real estate and tourism boom in the emirate.
The builder of the world’s tallest tower posted a quarterly profit of AED 756m ($206m), compared with AED 512m in the corresponding period of 2012, the company said in a statement on Dubai’s bourse.
Analysts in a Reuters poll had predicted on average a net profit of AED 622m.
The developer, which launched several new projects last year, said its total value of sales in Dubai for 2013 was AED 12bn, nearly three times the amount in 2012.
- Putting their eggs in tourists' baskets: why Dubai's real estate developers are shifting to hospitality
- Is Dubai's property market finally displaying 'affordable' tendencies?
- Ironic much? Sharjah's 'affordable' rents is the exact reason they're now skyrocketing
- Mounting supplies: Dubai's impending property correction
- The $200 billion boom and slave labour: the realities Qatar must come to terms with