Emaar Properties posts Dh2b H1net profit

Emaar Malls, majority-owned by Emaar Properties, reported revenue of Dh1.657 billion in the first half of 2020.

Emaar Properties reported on Wednesday 2020 first half net profit of Dh2.007 billion, down from Dh3.1 billion posted in the same 2019 period.
Emaar said in a statement that it generated a revenue of Dh9.032 billion across its assets in the January-June period as against sales of Dh9.4 billion in the same period last year.
Claiming that it demonstrated a resilient performance despite the negative impact of Covid-19, the master developer said it delivered half-yearly property sales of Dh5.120 billion.
"In line with the UAE's globally acclaimed strategies in combating the pandemic, Emaar Properties' half-yearly performance was underpinned by the company's ongoing investment in innovation and digitalisation across its businesses," said the developer.
Mohamed Alabbar, founder of Emaar, reaffirmed Emaar's resilience during the unprecedented times. "Our performance in the first half of 2020 has demonstrated our fundamental ability to retain strength and act with agility and speed in the face of the challenges presented by Covid-19. Emaar's performance is a testament to the products we introduce and the people behind these innovations. Each year we set the bar higher, raising the expectations across all our businesses to ensure every Emaar touchpoint is met with the same standard of excellence," said Alabbar.
He said through its geographical expansion, Emaar has been able to deliver a solid performance. "By acting boldly, innovating, revisiting talent and retaining cash liquidity, I truly believe we have delivered a strong result despite the many challenges we faced."
He said he was confident that as the world emerges from Covid-19 Emaar would use its strength, talent and business diversity, that it had focused even more intensively on during these challenging times, to face the future stronger than ever.
Emaar Development, part of the group, reported revenue of Dh4.818 billion with half-yearly net profit of Dh1.036 billion. "Emaar Development remains committed to its projects' delivery timeframes. As of June 2020, Emaar's delivery track record includes more than 64,700 residential units in Dubai and other international markets, with over 43,500 units delivered in the UAE."
Over 29,000 residences are currently being developed in the UAE, alongside 11,000 units across international markets. Emaar now has a total sales backlog of Dh41.753 billion of which Dh29.569 billion is in the UAE, to be recognised as revenue in the coming years. Emaar Malls, majority-owned by Emaar Properties, reported revenue of Dh 1.657 billion in the first half of 2020.
Emaar said its hospitality & leisure, entertainment and commercial leasing business contributed Dh831 million to the total revenue. Along with Emaar Malls, these businesses posted a revenue of Dh2.488 billion, representing 28 per cent of Emaar's total revenue. - issacjohn@khaleejtimes.com