Dubai’s Emaar Properties Q4 Net Profit Rises 14%

Dubai’s Emaar Properties, builder of the world’s tallest tower, reported a 14 percent rise in fourth-quarter net profit on Sunday.

The developer, in which Dubai’s government owns a minority stake, made a net profit of Dhs861 million ($235 million) in the three months to Dec. 31, it said in a statement.

That compares with a profit of Dhs756 million in the same period a year earlier.

Quarterly revenue was Dhs2.85 billion, up three per cent year on year, although costs rose six per cent to Dhs1.32 billion.

The company’s annual profit last year was Dhs3.29 billion, up from Dhs2.57 billion in 2013.

Full-year revenue was Dhs9.89 billion. Of this, its shopping malls, retail and hospitality businesses accounted for a little more than half, rising 12 per cent year on year.

Emaar’s share price jumped 4.6 per cent on Sunday, outperforming the wider market’s 1.5 per cent gain. The results were released after the stock market close.