Emaar Properties, the largest real estate firm in Dubai, has publicized an around 15 percent fall in net profit in the second quarter. Emaar’s first-half net profit climbed 15 percent from a year earlier to 4.9 billion dirhams, the real estate firm said.
Emaar’s first-quarter net profit was 3.2 billion dirhams. While the real estate firm’s second-quarter net profit of about 1.7 billion dirhams, according to estimates based on first-half results, was down from just over 2 billion dirhams in profit a year prior.
According to Refinitiv data, that skipped analysts’ average estimation of 1.9 billion dirhams in net profit for Q2.
Emaar didn’t respond to an emailed request for its elaborate quarterly outcomes or comment on the drop in profit.
Burj Khalifa’s builder, the tallest building in the world, reported a 43 percent swell in first-quarter profit on higher sales.
Dubai’s property market has boomed after a quick post-pandemic economic recovery, casual residency and sociable regulations, and an influx of migrants.
