Emaar Properties, builder of the world's tallest tower, more than doubled quarterly profit thanks to sharply lower provisions and gains in hospitality and retail units following a shift away from the bleak Dubai property market.
Net profit was 716 million dirhams for the fourth quarter ended December 31, up from 274 million a year before and ahead of an average analyst forecast of 475.7 million in a Reuters poll.
"The strong growth was mainly driven by the development business but the performance of Emaar's hospitality segment also surpassed our expectations by 15 percent in terms of quarterly revenues," said Jan Pawel Hasman, associate vice president for equity research at EFG-Hermes in Cairo.
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