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Emaar Properties logs 4% YOY decline in H1 EPS

Emaar Properties PJSC said its EPS for the first six months of 2019 amounted to 43 United Arab Emirates fils, a 4% decrease from 45 fils in the year-earlier period.

Net profit totaled 3.11 billion dirhams, a decrease from 3.23 billion dirhams in the prior-year period.

Revenue declined year over year to 11.57 billion dirhams from 12.04 billion dirhams. Sales in Dubai grew 52% year over year to 9.44 billion dirhams from 6.23 billion in the first half of 2018.

Gross profit totaled 5.71 billion dirhams compared with 6.22 billion dirhams in the year-earlier period.

Emaar Development PJSC's net profit and revenue for the period came to 1.38 billion dirhams and 6.24 billion dirhams, respectively.

Emaar Malls PJSC logged a 6% annual growth in revenue to 2.23 billion dirhams, while its net profit grew 3% year over year to 1.13 billion dirhams.

Emaar's hospitality & leisure, entertainment and commercial leasing business accounted for 2.42 billion dirhams of total revenue.

As of Aug. 2, 2019, US$1 was equivalent to 3.67 UAE dirhams.