Emaar Properties H1 net profit increased 12%
This compares to the net profit of AED 2.205 billion ($600 million) during the same period last year. The half-year 2016 revenue is AED 7.257 billion ($1.976 billion), 11 percent higher than the H1 2015 revenue of AED 6.520 billion ($1.775 billion).
Underlining the strength of its diversified business model, Emaar’s recurring revenues from its malls & retail and hospitality & leisure segments recorded an impressive AED 2.916 billion ($794 million).
This is 40 percent of the total H1 2016 revenue, and in line with the cumulative revenue from these businesses during H1 2015 at AED 2.900 billion ($790 million) despite the ongoing development of The Address Downtown Dubai.
Cementing the success of its international expansion, revenues from Emaar’s global operations were AED 1.032 billion ($281 million) during H1 2016. The global operations now account for 14 percent of the total revenue.
Emaar recorded total sales at AED 10.44 billion ($2.842 billion) during the first half of 2016 and now has a formidable backlog of AED 45.90 billion ($12.50 billion), to be recognised over the next 3 to 4 years, highlighting its fundamentals for long-term profitability. ■