Property sales boost Emaar’s H1 profits
Dubai : Dubai developer Emaar Properties yesterday announced 15 per cent profit growth to $772 million in the first half of 2017, with property sales in the emirate up 22pc.
Property sales in Dubai reached 10.814 billion dirhams ($2.94bn, 2.5bn euros) in the first six months, up 22pc on January to June last year.
Revenues of the realty and construction group, which built the world’s tallest tower Burj Khalifa in Dubai, rose 8pc to 7.86bn dirhams ($2.14bn, 1.81bn euros).
Net profit was up 14pc to 1.45bn dirhams ($396m, 335.6m euros) in Q2, compared with the same period last year.
Emaar has expanded into retail, hospitality and leisure across the region, with international development now constituting 22pc of the group’s overall revenue.
Emaar is also behind a real estate project that will reportedly exceed the height of Burj Khalifa, which is 828 metres (2,716 feet) tall.
Details of the new project have not yet been made public.
Emaar Malls, the group’s retail branch, in March lost a bid to acquire Middle East online retailer Souq.com to Amazon.
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