The quarterly profits of Emaar Properties increased by 128%, to record 2.06 billion dirhams, compared to the comparable period last year.
According to Arabiya Net, the increase in profits was supported by a 7% increase in revenues, to record 6.9 billion dirhams, and a decrease in selling and general and administrative expenses by 25%.
Emaar achieved a growth of about 66% in its profits during the first half of 2022.
On the other hand, the quarterly profits of Emaar Development Company rose 25%, to reach 1.14 billion dirhams.
The results were much better than analysts' expectations, which were at 400 million dirhams.
On the sidelines of its announcement of the Board of Directors’ approval of acquiring the Dubai Creek Harbor project from Dubai Holding, Emaar stated that the deal, if completed, would give the company complete control over the project with an area of 100 million square feet, which would contribute to raising the value of its portfolio of assets to more than 71 billion dirhams.
