DUBAI: Dubai-based construction giant Emaar Properties said on Thursday its net profits for the fourth quarter and the whole of last year increased despite falling real estate prices.
The company, which owns the world’s tallest tower, Burj Khalifa, said it saw a 27-percent surge in fourth quarter net profit to $488 million, up from $384.5 million in the same period of 2017.
Emaar, the largest construction firm in the Middle East, posted a net profit of $1.66 billion for all of 2018, up 10 percent on the previous year’s $1.51 billion, it said in a statement.
The increase in net income came despite falling prices in the key real estate market of Dubai which has the most diversified economy in the region.
Emaar, the largest listed firm on the Dubai Financial Market, is also involved in the entertainment, hotel and malls businesses.
“Our strategy for 2018 was to launch and build premium real estate assets that gained strong investor response from regional and international markets,” Emaar chairman Mohamed Alabbar said.
Real estate prices in Dubai have been on the decline since 2014 because of oversupply by builders who are anticipating a pick up in sales ahead of the international trade fair Expo 2020.