By: Mahmoud Gamal

Dubai – Mubasher: Real estate companies listed on the Dubai Financial Market (DFM) and The Abu Dhabi Securities Exchange (ADX) overcame various obstacles and achieved positive results in the first quarter of 2018.

Real estate firms in both markets reported a 29.8% year-on-year increase in net profit in Q1-18, registering around AED 4.35 billion ($1.185 billion), Mubasher’s data showed.

These profits were the result of the companies' plans to reduce costs and increase revenue through the growth in sales, analysts told Mubasher.

A number of eight DFM-listed real estate developers recorded a 36.3% year-on-year jump in net profit from January to March, registering AED 3.62 billion.

This remarkable growth was supported by the increase in Emaar Group’s profits, MindCraft Consultants’ CEO Fadi Al Ghattis commented.

Emaar Properties came on top, with a net profit of AED 1.5 billion achieved during the first three months of 2018.

Meanwhile, four ADX-listed real estate firms’ net profit grew 3.8% year-on-year to AED 703.1 million in the three-month period ended 31 March.

Aldar Properties ranked first among the ADX profitable developers after its net profit rose 5% to AED 669.5 million.

The recovery in oil prices boosted the expansion plans of these companies, Al Ghattis said.

Translated by: Muhammad Khalid