Emaar profit up 12% at Dh2.2 billion

Emaar Properties on Sunday said its first-half profit rose 12 per cent to Dh2.2 billion as its shopping malls, retail and hospitality units generated good business this year.
The Dubai Financial Market-listed global property developer said recurring revenue from its high-performing businesses climbed 10 per cent to Dh2.9 billion during January-June period this year and gave a significant boost to the company's total revenues, which rose 13 per cent to Dh6.497 billion. International real estate revenue also surged 36 per cent to Dh1.171 billion.
"The positive performance of Emaar is led by our deep-rooted commitment to create sustained value for our stakeholders. It reflects the success of our strategic approach of building value by monetising core performing businesses and international operations as well as strengthening our high-performing subsidiaries," said Mohamed Alabbar, chairman of Emaar Properties.
The builder of the world's tallest tower said its second-quarter net profit registered 16 per cent growth at Dh1.179 billion while revenues during the quarter amounted to Dh3.484 billion. This is the ninth straight quarter that the developer achieved growth in net profits despite a softening of the property market in the emirate. Sico Bahrain had forecast a Dh817 million profit for the April-June quarter this year.
"Our credentials in quality project execution and timely delivery have been our strong-points, especially with the maturing of our home market in Dubai driving end-user demand towards Emaar projects as the most trustworthy in the market," Alabbar said.
Emaar is today one of the world's most valuable property development companies with assets valued at over Dh158.19 billion and a land bank of approximately 216 million square metres. It is fast expanding its flagship mega-development, Downtown Dubai, with remarkable progress achieved on The Opera District, which is anchored by the iconic Dubai Opera.
The Middle East's premier property company is also developing Arabian Ranches II, an extension to one of the most sought-after villa communities in Dubai. It is also part of two mega-developments, Dubai Creek Harbour and Dubai Hills Estate, being developed as joint ventures with Dubai Holding and Meraas Holding, respectively.
"As a global hub for business and leisure, the country's growth is led by its focus on smart innovation and creativity to achieve all-round excellence. These are the values that drive Emaar too, as we develop new smart cities of the future to support the UAE's preparations to host Expo 2020 Dubai and contribute to the nation's economy through our master-plannned communities, malls and hospitality projects," Alabbar said.
- muzaffarrizvi@khaleejtimes.com