Dubai’s Emaar second-quarter profit falls 15%

DUBAI: Emaar Properties, Dubai’s largest listed real estate firm, has posted a roughly 15% drop in net profit in the second quarter.

Emaar said its first-half net profit rose 15% from a year earlier to 4.9 billion dirhams. Its first-quarter net profit was 3.2 billion dirhams.

Its second-quarter net profit of about 1.7 billion dirhams, according to Reuters calculations based on first-half results, was down from just over 2 billion dirhams in profit a year prior.

That missed analysts’ average estimate of 1.9 billion dirhams in net profit for the second quarter, according to Refinitiv data.

Emaar did not immediately respond to an emailed request for its detailed quarterly results or comment on the decrease in profit.

The builder of the world’s tallest building, the Burj Khalifa, had reported a 43% surge in first-quarter profit on higher sales.

Dubai’s property market has boomed after a swift post-pandemic economic rebound, relaxed residency and social rules and an influx of migrants.