A number of key UAE developers recently announced their Q1 2012 results and they paint a much healthier picture than we’ve seen in the past. Some of the key stories are below…
Emaar posts 44% rise in Q1 profit
Dubai’s Emaar Properties, builder of the world’s tallest tower, reported a 44 percent rise in first-quarter net operating profit on Saturday on increased property sales in Dubai and strong revenue from shopping malls business.
The UAE’s largest developer by market value made a net operating profit of AED606m ($165m), compared to AED421m during the same period last year, it said in an emailed statement.
Arabianbusiness.com: Dubai’s Emaar posts 44% rise in Q1 profit
Aldar builds profits with Government support
Aldar has reported a 150 per cent increase in net profit during the first quarter, as government rescue packages worth almost $10 billion continue to prop up the developer.
Abu Dhabi’s flagship property firm reported a net profit of Dh478.2 million in the first three months of this year, up 153 per cent on the same period in 2011, when it made Dh189.1 million.
Sales stood at Dh3.59 billion for the quarter, up from Dh784.7 million during the same period in 2011.
The National: Abu Dhabi’s Aldar builds profits with Government support
Sorouh makes it a profits hat-trick
Sorouh Real Estate, the Abu Dhabi developer weighing a $15 billion merger with Aldar, has capped a quarter of rising profits for the country’s big three property groups.
First-quarter profit rose 30 per cent to Dh83.59 million compared to a year earlier, Abu Dhabi’s second-largest property company said in a stock exchange filing today.
“The current flight to quality with Abu Dhabi real estate leaves us well positioned to deliver an exciting pipeline of some 7,000 units between now and the end of 2013,” said Sorouh managing director, Abubaker Seddiq Al Khouri.
The National: Sorouh makes it a hat-trick of profits for UAE developers
Deyaar Q1 net profit drops 64%
Struggling Dubai developer Deyaar posted a 64 percent drop in its first-quarter net profit and said it plans to deliver three long-pending projects by the end of this year.
Deyaar made a net profit of AED9.4m (US$2.56m) during the first-quarter, compared with AED26.3m in the prior-year period.
Dubai’s second-largest property developer by market value said its gross revenues reached AED150m in the quarter and its total assets were valued at AED6.7bn.
Arabianbusiness.com: Dubai’s Deyaar Q1 net profit drops 64%