Dubai’s Emaar Properties beat estimates with a 10% increase in second-quarter net profit, driven by a pick-up in property sales in the emirate after several years of a slump in the market.
Dubai’s largest developer - builder of the world’s tallest tower, the Burj Khalifa - has sold a series of new projects this year.
It reported a net profit of 675mn dirhams ($183.8mn) for the second quarter, higher than the 614mn dirhams it posted in the same period in 2012, it said in a statement to the Dubai stock market.
A Reuters poll of five analysts had predicted an average net profit of 563.4mn dirhams.
Revenue for the quarter was 3.1bn dirhams, up 48% from 2.1bn dirhams in the same period last year.
The developer, which has announced several new projects this year, said total sales of real estate in Dubai for the first half of the year was 6.3bn dirhams, four times the figure during the same period in 2012.
To date, Emaar has handed over 36,600 units including some 20,900 apartments and around 15,700 villas, it said.
Emaar, which has gradually branched out of the home sales business, said revenue from its hospitality, leisure and malls businesses was 2.326bn dirhams, 45% of total revenue.
Shares in the developer have benefited from Dubai’s real estate recovery, rising 52.8% this year.
Jordan Islamic Bank
Jordan Islamic Bank, a subsidiary of Bahrain-based Al Baraka Banking Corp, posted a 21% increase in second-quarter net profit yesterday, helped by healthy growth in Islamic banking services.
The largest and oldest of the four Islamic banks operating in Jordan reported a profit of 14.7mn dinars ($20.1mn) for the second quarter, higher than the 11.8mn dinars posted in the same period 2012, it said in a statement.