Emaar Properties, Dubai’s biggest listed developer, posted a 29 per cent decline in third-quarter net profit as costs rose and income fell, missing analyst estimates.
Net profit attributable to equity owners fell to Dh1.1 billion in the three months ending September 30, the company said in a statement on Wednesday to the Dubai Financial Market, where its shares are traded. The results missed the Dh1.39bn estimate of two analysts polled by Bloomberg.
“Our commitment to our customers and stakeholders is to create continued value, which reflects in the strong performance of our core businesses,” said Mohmed Alabbar, chairman of Emaar Properties. "We focus on continuously evolving our businesses to meet the aspirations of today’s customers. By investing in digital technology and by innovating new lifestyle environments, we are creating assets that shape the future.”
Revenue fell 5 per cent year-on-year to Dh5.3bn during the period, while gross profit sank 10 per cent to Dh2.75bn. Selling, marketing, general and administrative expenses rose 16 per cent to Dh1.06bn and income tax grew 145 per cent to Dh14.5 million during the period.
Emaar Development, the real estate unit of Emaar, reported a 33.5 per cent decline in third quarter net income attributable to equity holders to Dh681.7m as finance cost rose and revenue dipped.
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Read more:
Emaar Malls posts 10 per cent increase in third quarter net profit
Emaar Development nine-month net profit rises 19%
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Emaar Malls, another unit of Emaar Properties, posted a 10 per cent increase in third quarter net profit to Dh537m. The results missed the median estimates of two analysts polled by Bloomberg who forecast Dh551.5m for the period.
Separately, Nakheel, the developer of Palm Jumeirah, reported a 3.5 per cent drop in net profit for the first nine months of the year to Dh3.86bn.
The company’s year-to-date property handover totalled 588 units, but the company’s focus on expanding its hospitality, retail and leasing divisions continues, it said on Wednesday. Annual revenue from these sectors is now Dh2.6bn – almost 40 per cent of the total – and continues to expand amid the development of new projects.
So far this year, Nakheel has announced contracts worth Dh7bn for a range of infrastructure, residential, retail and hospitality projects.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
COMPANY%20PROFILE
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
More on animal trafficking
More from Neighbourhood Watch:
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Results
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m; Winner: Rasi, Harry Bentley (jockey), Sulaiman Al Ghunaimi (trainer).
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m; Winner: Ya Hayati, William Buick, Charlie Appleby.
7.40pm: Handicap (TB) $135,000 (D) 1,200m; Winner: Bochart, Richard Mullen, Satish Seemar.
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m; Winner: Magic Lily, William Buick, Charlie Appleby.
8.50pm: Handicap (TB) $135,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m; Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer.
10pm: Handicap (TB) $175,000 (T) 2,410m; Winner: Eynhallow, Mickael Barzalona, Charlie Appleby.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
COMPANY%20PROFILE
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MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
Grand slam winners since July 2003
Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam
Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)
Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)
Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)
Andy Murray 3 (2 Wimbledon, 1 US Open)
Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)
Andy Roddick 1 (1 US Open)
Gaston Gaudio 1 (1 French Open)
Marat Safin 1 (1 Australian Open)
Juan Martin del Potro 1 (1 US Open)
Marin Cilic 1 (1 US Open)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
LOVE%20AGAIN
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