Dubai: Emaar Development, the developer majority-owned by Emaar Properties, reported a 24 per cent decline in its net profit for the first half of 2019 even as sales and revenues grew.
The Dubai-listed company recorded Dh1.38 billion in profits from Dh1.8 billion in the same half last year, as revenues fell by nearly 11 per cent year-on-year to reach Dh6.2 billion. Emaar said that the first half of 2018 saw significant land sales transactions with higher margins, resulting in higher revenues and profits.
The company’s total sales backlog reached Dh37.6 billion, and Emaar Development said this will result in “remarkable revenue recognition” in the coming three to four years. Sales in the first half of 2019 alone jumped by 50 per cent to Dh9.35 billion, and the company launched 16 new projects with a total value of Dh8.8 billion.
In the first half of the year, Emaar Development saw strong demand for residences launched in Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Emaar Beachfront, and Downtown Dubai, it said.