LONDON: Emaar Properties, the developer of the world’s tallest tower, on Sunday reported a rise in profits as sales grew by more than 50 percent despite a tough real estate market.
The Dubai-listed company said it made 1.742 billion dirhams ($474 million) in the first quarter, compared with 1.625 billion dirhams a year earlier, marking a 7.2 percent rise.
Revenue rose to 5.894 billion dirhams, compared to 5.59 billion for the first quarter of 2018, while property sales jumped 53 percent to 5.98 billion.
Emaar said sales during the quarter were at “one of the highest” levels in its history. Sales to international customers more than doubled to 2.645 billion dirhams, which Emaar said showed “the significant interest of international investors in Dubai real estate.”
The results come despite a tough real-estate market in Dubai, where residential prices have been in decline since hitting a high in 2014.
“The surge in sale of Emaar’s real estate developments in Dubai to international investors not only highlights Dubai’s position as the region’s leading business center and hub city, but as the one of the most dynamic and growing market economies,” said Mohamed Alabbar, chairman of Emaar Properties.
The Emaar Development arm of the business recorded first-quarter revenue of 3.341 billion dirhams compared to 3.265 billion the year before. The company’s malls division reported a growth of 4 percent in revenue. Emaar Malls earlier this year fully acquired Namshi, a regional fashion e-commerce retailer.