Emaar Properties has posted big rises in both quarterly and nine month earnings as property sales in Dubai soared by over 50 percent compared to last year.
The developer, which also has major hospitality and retail components in its portfolio, said sales in its core market reached AED 11.601bn ($3.158bn) for the year to 30 September compared to AED 7.513bn ($2.045bn) for the same period last year.
The growth was underpinned by new residential launches in Dubai Creek Harbour, Dubai Hills Estate, and in Downtown Dubai.
Emaar said the launch of The Tower in Dubai Creek Harbour and the opening of Dubai Opera in Downtown Dubai had catalysed sales of residences in the two communities.
Net profit jumped by 36 percent in the third quarter of the year to AED 1.145bn ($312mn) from AED 843mn ($230mn) in Q3 2015. Revenue for the period rose 16 percent to AED 3.846bn ($1.047bn from AED 3.329bn ($906mn).
Nine month earnings rose 19 percent to AED 3.62bn ($986mn) from AED 3.048bn ($830mn) for the same period in 2015. Revenue increased by 13 percent to AED 11.103bn ($3.023bn).
Mohamed Alabbar, Chairman of Emaar Properties, said: Our focus for 2016 has been to maximise operational efficiency and drive profitability, while strengthening our revenue stream through new developments in prime real estate assets, malls and hotels in Dubai.
Dubai Creek Harbour, Dubai Hills Estate and the ongoing expansion of Downtown Dubai are examples of our commitment to create city hubs with digital lifestyle features that meet the aspirations of the future generation.