Emaar Properties logs $847m net profit in H1

Dubai – Mubasher: Emaar Properties, a leading global property developer based in the UAE, on Sunday revealed it has generated a net profit of AED 3.110 billion ($847 million) for the first half of 2019.

The real estate giant has also recorded a revenue of AED 11.569 billion ($3.150 billion) for H1-19, according to a press release.

The positive results were mainly driven by Emaar’s robust UAE build-to-sell property development business, as well as its healthy malls and hospitality businesses during the period.

Emaar’s total sales backlog stood at AED 49.188 billion ($13.392 billion) as of 30 June 2019, including international operations.

Moreover, the company has registered sales in Dubai of AED 9.443 billion ($2.571 billion) during the six-month period ended 30 June 3019, up 52% from AED 6.229 billion ($1.696 billion) in H1-18.

Mohamed Alabbar, chairman of Emaar Properties, commented: “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.”

“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 business, especially by leveraging the power of digital connectivity and engagement,” he added.

Furthermore, the property developer noted that its hospitality and leisure, entertainment, and commercial leasing business have contributed AED 2.415 billion ($658 million) to the total revenue.

The company’s international operations made up nearly 15% of the total revenue at AED 1.743 billion ($475 million) during H1-19.

It is worth noting that Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, reported a 3% year-on-year increase in net profits for H1-19, recording AED 1.130 billion, compared to AED 1.102 billion.

Emaar Malls’ revenue reached AED 2.227 billion ($606 million) in H1-19, up 6% from AED 2.103 billion ($573 million) in the prior-year period.

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