Dubai-based developer Emaar Properties announced a 36% quarterly increase in net profit in the third quarter of 2016 to AED 1.1 bn, according to an earnings release on Tuesday.
The company also stated that revenues for the first nine months went up to AED 11.1 bn, marking a growth of 13% compared to 2015. Net profits for the same period rose by 19% to AED 3.6 bn.
Retail and hospitality assets in Emaar’s portfolio contributed to 39% of the firm’s total revenues while property sales in Dubai, a main market for Emaar, went up 54% compared to 2015, standing at AED 11.6 bn for the first nine months of 2016.
Emaar Properties’ total assets now amount to over AED 165.7 bn and 196 mn square meters of land in Dubai and international markets.