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Emaar’s Q3 profits to rise on $500m sukuk repayment

Emaar’s Q3 profits to rise on $500m sukuk repayment
The sukuk reimbursement will positively impact the company’s profitability
Emaar
EMAAR
-0.21% 4.78 -0.01

Dubai – Mubasher: Emaar Properties, a leading global property developer, on Wednesday highlighted that the repayment of the sukuk valued $500 million will be reflected in its financial results for the third quarter of 2019.

The repayment of the Islamic bonds was done as per the agreed terms of the issuance, the real estate firm added in a statement to the Dubai Financial Market (DFM).

The sukuk reimbursement will positively impact the company’s profitability due to paying off a high priced debt, the company said.

Moreover, Emaar noted that the sukuk repayment will not affect the balance sheet.

It is worth noting that Emaar recently said in a statement to Nasdaq Dubai that has repaid $500 million Islamic bonds under its $2 billion programme.