UAE property firms post over $1.1bn in Q1 profit
The combined profits of 13 listed property companies in the UAE surged to Dh4.35 billion ($1.18 billion) during the first quarter (Q1) of the year, a growth of 29.4 per cent from Dh3.36 billion in Q1 2017, a media report said.
The marked profit growth beats the expectations of industry analysts well versed with the realty sector, reported Emirates news agency Wam, citing according to official figures.
In more detail, eight listed property companies at Dubai Financial Market posted profits of Dh3.65 billion during the first three months of the year, up 36.2 per cent from Dh2.68 billion during the same period in 2017, according to official figures issued by the operating companies.
Emaar continues to be the best performer with profits valued at Dh1.5 billion by the end of the monitored period, an eight per cent increase from the same period in 2017. The growth in the realty giant's profits is attributed to an increase of 37 per cent in revenues, with the profits of Emaar Development spiralling to Dh819 million against Dh505 million in Q1 2017.
At the capital's bourse, five companies booked profits of Dh704 million by the end of the first quarter of the year, an increase of 3.8 per cent over the Dh678 million from the same period of 2017.
Aldar's profits rose to Dh667 million and RAK Properties made Dh25 million in net profit.
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