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Emaar Properties six months net profit up 15 percent

Staff Writer |
Emaar Properties recorded a growth in net profit by 15 percent to AED 2.837 billion ($772 million) during the first six months (January to June) of 2017 (H1 2017), compared to AED 2.475 billion ($674 million) during the same period last year.

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H1 2017 revenue is AED 7.866 billion ($2.142 billion), an increase of 8 percent over H1 2016 revenue of AED 7.257 billion ($1.976 billion).

Recurring revenue from Emaar’s shopping malls & retail, hospitality & leisure, commercial leasing and entertainment businesses in H1 2017 is AED 3.016 billion ($821 million), which represents 38 percent of the total revenue.

Emaar’s revenue from its international development recorded a growth of 64 percent in H1 2017 to AED 1.697 billion ($462 million), compared to the H1 2016 international revenue of AED 1.032 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 contribute 22 percent to the total Group revenue.

In the second quarter (April to June) of 2017 (Q2 2017), Emaar recorded a net profit of AED 1.453 billion ($396 million), an increase of 14 percent over Q2 2016 net profit of AED 1.270 billion ($346 million).

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