Emaar reports 12 rise in first half profit

Emaar Properties recorded a 12 percent rise in first half net profit to AED 2.47bn ($674mn) in the six months of 2016, compared to AED 2.20bn during the same period last year.

Half-year revenue amounted to AED 7.26bn, 11 percent higher than the same period a year earlier.

Malls & retail and hospitality & leisure segments 40 percent of the total H1 2016 revenue, in line with the cumulative revenue from these businesses during the first half of 2015 despite the ongoing development of The Address Downtown Dubai.

Revenues from Emaar’s global operations were AED 1.03bn and now account for 14 percent of the total revenue.

Emaar recorded total sales at AED 10.44bn during the first half of 2016 and now has a backlog of AED 45.9bn, to be recognised over the next 3 to 4 years.

Mohamed Alabbar, Chairman of Emaar Properties, said that the strong half-year results highlight the success of the company’s growth strategy to consolidate its position as the largest developer of projects in Dubai.

“We are in one of the most exciting phases of our growth story having launched a brand-new icon for the city – The Tower at Dubai Creek Harbour – and the imminent roll-out of Dubai Opera in Downtown Dubai.

“We are scaling up our malls business with the launch of a Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall. We are also strengthening our hospitality portfolio with 35 new hotels and serviced residences in the UAE and international markets.”

He added: “We will continue to explore opportunities to develop new land banks in Dubai through integrated developments that support the Dubai Plan 2021 and the preparations for Expo 2020.”