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Emaar EC posts robust Q1 profits on higher sales

Emaar EC posts robust Q1 profits on higher sales
Emaar The Economic City
EMAAR EC
4220
-0.41% 7.29 -0.03

Riyadh-Mubasher: Emaar The Economic City (Emaar EC) reported net earnings of SAR 85.1 million in the first three months of 2015, leaping 70.88% compared with SAR 49.8 million a year earlier.

The earnings rose 23.15% compared with SAR 69.1 million in the previous quarter.

The year-on-year profit growth was boosted by higher sales of residential plots, apartments and villas, as well as an increase in the lease income from industrial zones, the real estate developer said.

The company attributed the quarter-on-quarter profit rise to a decrease in selling and marketing expenses due to a lower number of sales events.