Emaar Properties reports Dh1.56 billion in H1 profit

Emaar Properties reported on Wednesday half-year net profit of Dh1.56 billion in the wake of “robust performance” led by record property sales of Dh16.842 billion.

The first-half sales represent a 229 per cent increase compared to the first-half 2020 property sales of Dh5.120 billion.

“The remarkable performance was a result of Emaar’s concerted focus on sales of under-construction projects and the successful launch of properties both in the UAE and international markets,” the property major said in a statement.

“Led by robust performance of the property development business as well as mall and hospitality businesses, Emaar achieved revenue of Dh12.5 billion during the first half of 2021, 52 per cent higher than the H1 2020 revenue of Dh8.220 billion. H1 2021 net profit stood at Dh1.560 billion compared to Dh1.698 billion in H1 2020, which included an exceptional income of Dh982 million primarily relating to the sale of Emaar’s District Cooling business,” the company said.

“Our performance in the second quarter demonstrates our continued resilience and ability to anticipate and ‘future-proof’ the business. Looking to the future, I am very optimistic about the remainder of the year as we maintain our focus on meeting and exceeding our customers’ expectations, delivering long-term, sustainable results across our business units, and collectively strengthening our organisation. This will ensure we continue to anticipate and meet customers’ rapidly evolving property and lifestyle demands, while improving the lives of residents and visitors alike,” an Emaar spokesperson said.

Emaar has handed over more than 77,000 residential units in Dubai and international markets since 2002, with more than 25,700 units currently under development in the UAE and 11,000 units in global markets. Setting new benchmarks in design, build quality and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments, and its properties continue to remain sought-after by investors at home as well as abroad.

Emaar Development, the build-to-sell property development business, majority-owned by Emaar Properties, recorded Dh1.512 billion net profit on the back of “exceptional inventory sales” in the first half.

In the first six months of 2021, the developer reported revenue of Dh7.755 billion, an increase of 46 per cent and 61 per cent compared to the first six months of 2020, respectively.

-- issacjohn@khaleejtimes.com