Developer sees net profit touch $346 million in second quarter of 2016
The Dubai-listed Emaar Properties reported 8% higher net profits for the second quarter of 2016, when the developer made AED 1.270 billion ($346 million), compared to AED 1.179 billion last year.
Revenue for the period hit AED 3.728 billion (US$1.015 billion), 7% higher than the same time last year, Emaar said in a statement.
“This was result of Emaar’s focus on on-scheduled construction progress and the achievement of new milestones that contributed to higher revenue recognition,” it said.
International revenues hit AED 533 million ($145 million), up by 7% compared to Q1.
Revenue from the shopping mall, retail and hospitality and leisure businesses stood at AED 1.361 billion ($371 million). That division now accounts for 40% of Emaar’s total revenue, at AED 2.916 billion ($794 million) in the first six months of 2016.
Total revenues for the first six months of 2016 stood at AED 7.257 billion ($1.976 billion), 11% higher than the same period in 2015. The half-year net profit rose 12% to AED 2.475 billion ($674 million).
Emaar recorded total sales at AED 10.44 billion ($2.842 billion) during the first half of 2016, and reported a backlog of AED 45.90 billion ($12.50 billion), to be recognised over the next three to four years.
“We are in one of the most exciting phases of our growth story having launched a brand-new icon for the city – The Tower at Dubai Creek Harbour – and the imminent roll-out of Dubai Opera in Downtown Dubai,” said Mohamed Alabbar, Chairman of Emaar Properties.
“We are scaling up our malls business with the launch of a Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall. We are also strengthening our hospitality portfolio with 35 new hotels and serviced residences in the UAE and international markets.”