ABU DHABI, (Pakistan Point News - 04th Jun, 2018) The combined profits of 13 listed property companies in the UAE surged to AED4.35 billion during Q1, a growth of 29.4 percent from AED3.36 billion in Q1 2017.
The marked profit growth beats the expectations of industry analysts well versed with the realty sector, which, according to official figures, leads the market in terms of dividend distributions, thanks to a consistently growing demand.
In more detail, eight listed property companies at Dubai Financial Market posted profits of AED3.65 billion during the first three months of the year, up 36.2 percent from AED2.68 billion during the same period in 2017, according to official figures issued by the operating companies.
Emaar continues to be the best performer with profits valued at AED1.5 billion by the end of the monitored period, an 8 percent increase from the same period in 2017. The growth in the realty giant's profits is attributed to an increase of 37 percent in revenues, with the profits of Emaar Development spiralling to AED819 million against AED505 million in Q1 2017.
At the capital's bourse, five companies booked profits of AED704 million by the end of the first quarter of the year, an increase of 3.8 percent from AED678 million from the same period of 2017.
Aldar's profits rose to AED667 million and RAK Properties made AED25 million in net profit.
