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FINANCIAL NEWS
UAE’s EMG net profit up 55 percent in Q3
02 Nov 2014
(MENAFN) Dubai’s Emaar Malls Group (EMG), a unit of Emaar Properties, reported an increase in its net profit by 55.2 percent during the July-September period of this year due to an increase in revenues, Emirates 24/7 reported.
During the third quarter of this year, the retail and malls unit of Dubai’s largest developer registered a net profit of USD87.5 million, compared with USD56.33 million in the corresponding period of 2013, while revenue also increased, reaching USD176.88 million compared with USD147.72 million last year.
EMG’s, which priced the largest stock flotation in the Gulf region since 2008 at the end of September by raising USD1.57 billion from the sale of 15.4 percent of the company, increase in profits comes after its parent company Emaar also registered an increase in its net profit during the third quarter as well.
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