Emaar posts growth in property sales

15/08/2017 07:06 AST

Emaar Properties recorded a 15 per cent growth in net profit to reach Dhs2.837 billion ($772 million) during the first six months of 2017 (H1), compared to Dhs2.475 billion ($674 million) during the same period last year.

The H1 2017 revenue reached Dhs7.866 billion ($2.142 billion) an increase of 8 per cent over H1 2016 revenue of Dhs7.257 billion ($1.976 billion). Recurring revenue from Emaar's shopping malls and retail, hospitality and leisure, commercial leasing and entertainment businesses in H1 2017 is Dhs3.016 billion ($821 million), which represents 38 per cent of the total revenue.

Emaar's revenue from its international development recorded a growth of 64 per cent in H1 2017 to Dhs1.697 billion ($462 million), compared to the H1 2016 international revenue of Dhs1.032 billion ($281 million). This was underpinned by significant progress in projects achieved in key markets including Egypt, Turkey, India and Saudi Arabia, among others. Emaar's international development now contributes 22 per cent to the total Group revenue.

In the second quarter (April to June) of 2017 (Q2), Emaar recorded a net profit of Dhs1.453 billion ($396 million) an increase of 14 per cent over Q2 2016 net profit of Dhs1.270 billion ($346 million).

Mohamed Alabbar, Chairman of Emaar Properties, said the positive performance builds on Emaar's ongoing focus on project delivery and customer-centric service.

Commenting on the results, he added, "Organisation-wide, we are making a transformational change to strengthen project management and service excellence led by digital technology. At every stage of development, we place emphasis on being more efficient and responsive to the aspirations of our customers, and to create long-term value for our stakeholders.

The Gulf Today