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Emaar Properties recorded a net profit of 73 billion during the first half of the year, 41 per cent higher compared to Dh123 billion during the same period last year. Led by the strong performance of its malls and hospitality businesses, Emaar's revenues for the first months reached Dh5.06 billion, slightly below last year's first-half revenues of Dh5.21 billion.
The net profit for the second quarter was Dh868 million, 29 per cent higher compared to the same period last year (Dh675 million). Revenue for the second quarter was Dh2.8 billion, improving by 24 per cent from Dh2.25billion in the first quarter.
Emaar's malls, retail, hospitality and leisure subsidiaries contributed Dh2.64 billion in recurring revenues during the first six months, 14 per cent higher compared to the same period last year (Dh2.32 billion). These businesses accounted for 52 per cent of the total revenue in the first half.
The malls, retail and hospitality revenues during the second quarter reached Dh1.3 billion, 12 per cent higher than the second-quarter revenues of Dh116 billion last year.
Revenues from the company's global operations during the first half totalled Dh75 million, representing 15 per cent of the total revenue and 43 per cent higher compared to the same period last year (Dh526 million). Revenue from international operations during the second quarter was Dh463 million, a 61 per cent increase from the first-quarter revenue ofDh288 million.
''His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has set a strong road map of growth for the city's economy, which has boosted investor confidence,'' said Mohamed Alabbar, Chairman of Emaar Properties.
Click on Emaar Properties to read on its profit rise of 29% in Q2 despite revenue dip
Source: Property Weekly