Dubai: Emaar Properties recorded revenue for the first half of 2018 of Dh11.47 billion, 46 per cent higher than Dh7.86 billion reported a year ago, led by strong construction progress and growth in malls business.
The property developer’s net profit grew by 18 per cent to Dh3.34 billion, prior to considering the effect of the IPO of Emaar Development, compared to the net profit of Dh2.84 billion during the same period in 2017.
The net profit for the first half of 2018 after considering impact of Emaar Development IPO in 2017 is Dh2.98 billion, an increase of 5 per cent over same period last year.
Emaar recorded impressive sales of residential properties in the UAE, valued at Dh6.229 billion during the first six months of the year, highlighting strong investor appeal for Emaar Development’s projects. The total sales backlog of Emaar Development is Dh38.502 billion to be recognised as revenue in the coming years, underpinning the strong long-term fundamentals of the company.
Emaar’s malls, hospitality, leisure and entertainment businesses recorded revenue of Dh3.54 billion, 17 per cent higher than the same period in 2017 at Dh3.02 billion, which represents 31 per cent of the total revenue.
“While our property business recorded positive growth with several new residential destinations launched in Dubai, our malls, hospitality, leisure and entertainment business benefited from the increase in tourist arrivals and boost in domestic spending,” Mohammad Alabbar, Chairman of Emaar Properties, said in a statement.
Revenue for the second quarter stood at Dh5.89 billion, 55 per cent higher than Dh3.794 billion reported a year ago. Net profit grew by 16 per cent to Dh1.679 billion, prior to effect of Emaar Development’s IPO.
Net profit after considering Emaar Development IPO was Dh1.480 billion, two per cent higher than the net profit of Dh1.453 billion.
Emaar Malls reported first-half revenue of Dh2.103 billion, 29 per cent higher than the first-half revenue of Dh1.624 billion.
