Emaar Properties recorded profits of $847m in the first six months of the year
Emaar Properties reported half-year sales in Dubai of $2.571 billion (AED9.443bn), helping the company achieve profits of $847 million, the company said on Sunday.
The latest half-year sales figures – one of the highest the company has reported in Dubai – were 52 percent higher than H1 2018’s sales figures of $1.696bn (AED6.229bn).
In a statement, the company said that H1 revenue totalled $3.15bn (AED11.569bn).
According to Emaar, as of June 30, the firm had a total sales backlog of $13.392bn, including international operations.
“The driving force of Emaar’s strong, consistent performance this year is the enhanced reputation of Dubai as the first choice among the leading global destinations for property investment,” said Mohamed Alabbar, chairman of Emaar Properties.
Alabbar added: “Our successful expansion to malls and hospitality, which complements the tourism sector of Dubai, too generates significant revenue.
“As a catalyst of the economy, and with our commitment to creating value, we will continue to strengthen our three core businesses, especially by leveraging the power of digital connectivity and engagement,” he said.
Emaar Development posted a net profit of $376m (AED1.382bn) and revenue of $1.698bn (AED6.237bn) for the first six months of the year.
In H1, the company launched 16 new projects with a total value of $2.4bn (AED8.850bn) and sold more than 60 percent of the units it launched.
Additionally, Emaar Malls saw its profits rise 3 percent to $308m (AED1.130bn) during the first six months of the year, while revenues grew 6 percent to $606m (AED2.227bn).
Emaar Malls’ various assets – which include Dubai Mall, Dubai Marina Mall and Souq Al Bahar – maintained occupancy levels of 92 percent, with 68m visitors in H1, about 2 percent higher than the same time period in 2018.
Emaar’s hospitality & leisure, entertainment and commercial leasing business contributed AED1.318bn ($359m) to the total revenue.
Along with Emaar Malls, these businesses posted revenue of $965m (AED3.545bn), or 31 percent of the total group revenue.
During the first six months of 2019, Emaar’s international operations contributed 15 percent to the total revenue at $475m (AED1.743bn), 12 per cent higher than the H1 2018 international operations revenue of $422m (AED1.550bn).For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.