Global property developer Emaar Properties recorded a net profit of AED 2.205 billion during the first six months of 2015 (January to June).
This is 12 per cent higher than the first half 2014 net profit of AED 1.977 billion. Revenue for H1 2015 is AED 6.497 billion, 13 per cent higher than the H1 2014 revenue of AED 5.730 billion.
Mohamed Alabbar, Chairman of Emaar Properties, said, “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. 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.
“Emaar’s success also mirrors the ambitious strides made by the UAE, under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. 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 the Expo 2020 Dubai and contribute to the nation’s economy through our master-planned communities, malls and hospitality projects.”
The positive growth of Emaar was underlined by the robust performance of its shopping malls, retail & hospitality businesses, which together contributed AED 2.9 billion during the first six months of the year, which is 45 per cent of the total revenue. The recurring revenue from these high-performing businesses is 10 per cent higher than H1 2014 revenue of AED 2.647 billion.
Emaar’s international revenues during H1 2015 was AED 1.171 billion representing 18 per cent of the total revenue. International revenues during H1 2015 were 36 per cent higher than the same period last year.
During the second quarter of the year (April to June 2015), Emaar recorded a net profit of AED 1.179 billion. This is 16 per cent higher than the same period last year and 15 per cent higher than first-quarter 2015 (January to March). Revenue for Q2 2015 at AED 3.484 billion is 16 per cent higher than Q1 2015.
A successful IPO and listing of Emaar Malls was quickly followed up with the overwhelming response to the IPO of Emaar’s Egyptian subsidiary Emaar Misr and its listing on The Egyptian Exchange (EGX). With a value of about EGP 17.6 billion at the time of listing, Emaar Misr is now one of the largest publicly listed companies on EGX by market capitalisation.
