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FINANCIAL NEWS
Dubai-Emaar net profit grows by 17 percent in Q1
02 May 2016
(MENAFN) Dubai- Emaar proclaimed that its net profit grew by 17 percent to USD 328mn in Q1 of 2016, led by “significant progress” in construction.
Furthermore, revenues of the group also increased by 17 percent to reach USD 961mn, while revenues from malls and hospitality businesses touched 44 percent.
However, the firm’s net profit declined in the last quarter of 2015 by 1 percent to USD 281.7mn, while its full year profit jumped 11 percent to USD 1.11bn.
The firm proclaimed plans to build a viewing tower, that will be “a notch” taller than Burj Khalifa and cost almost USD 1bn.
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