Dubai: Emaar Properties had net profits of just over Dh2 billion plus for the first-half of 2020, on revenues of Dh9.03 billion – a period during which the developer had limited offplan launches. Revenues were down 22 per cent from a year ago, while net came in lower by 35 per cent.
Even then, property sales in the first six months of 2020 fetched it Dh5.12 billion.
“We’ve placed an even greater emphasis on being a lean organisation and, though, our geographical expansion, we have been able to deliver a solid performance,” said Mohammed Alabbar in a statement.
On the overseas side, the Dubai developer booked Dh1.72 billion in revenues, more or less on par from last year. These contribute 19 per cent to total revenues. (During this period, there launches of Cairo Gate as well as the Panorama Tower in Karachi.)
“I truly believe we delivered a strong result despite the many challenges,” Alabbar added.
The Dubai-focussed Emaar Development had topline numbers of Dh4.81 billion, while the half-year net profit turned in at just over Dh1 billion. Its project pipeline totals 29,000 units. (Another 11,000 homes are being built in its overseas markets.)
Emaar’s sales backlog is at Dh41.75 billion, of which Dh29.56 billion is in the UAE to be recognised as revenue in the medium-term.
The other components, Emaar Malls delivered a net profit of Dh345 million on a Dh1.65 billion revenue, while the hotel division added Dh831 million to revenue. (It’s profit contribution is not listed.)