Dubai’s Emaar Properties has reported a 15 per cent growth in net profit to hit AED2.837 billion during the first six months of 2017, compared to AED2.475bn during the same period last year.
Revenue for the first half of the year rose to AED7.866bn, an increase of eight per cent over H1 2016 revenue of AED7.257bn.
Recurring revenue from Emaar’s shopping malls and retail, hospitality and leisure, commercial leasing and entertainment businesses in H1 2017 is AED3.016bn, which represents 38 per cent of the total revenue.
In the second quarter of 2017, Emaar recorded a net profit of AED1.453bn, an increase of 14 per cent over Q2 2016 net profit of AED1.270bn.
Mohamed Alabbar, Chairman of Emaar Properties, said the positive performance builds on the company’s ongoing focus on project delivery and being a customer-centric organisation.
“Organisation-wide, we are marking a transformational change to strengthen project management and service excellence led by digital technology,” he said. “At every stage of development, we place emphasis on being more efficient and responsive to the aspirations of our customers and to create long-term value for our stakeholders.”
The company distributed a cash dividend of 15 per cent of the share capital, equivalent to AED1.074bn.
Emaar has announced its plan to list its UAE real estate development business through share offerings of up to 30 per cent on the Dubai Financial Market (DFM).
During the first six months of 2017, Emaar recorded property sales in Dubai of AED10.814bn, 22 per cent higher than AED8.9bn during the same period in 2016.
This growth was led by residential launches in Emaar’s flagship projects including Dubai Creek Harbour, Downtown Dubai, Dubai Hills Estate and Emaar South – the smart city hubs of the future.
New residential project launches in the first six months of the year included Downtown Views II and Vida Dubai Mall in Downtown Dubai, Vida Residences in Dubai Marina, Creek Gate, Harbour Gate and Creek Rise in Dubai Creek Harbour, Park Heights I & II and Maple 3 in Dubai Hills Estate and Golf Views apartments and Urbana III stacked townhouses in Emaar South.
A highlight of Emaar’s property development portfolio was the completion of foundation work for the Dubai Creek Harbour Tower. More than 145 barrette piles have been laid to depths of more than 72 metres to secure the super-tall structure.