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Emaar Properties H1 profit climbs 18% YOY

Dubai-based Emaar Properties PJSC said its net profit for the first half, prior to considering the effect of the IPO of its Emaar Development PJSC unit, came to 3.34 billion United Arab Emirates dirhams, an increase of 17.9% from 2.84 billion dirhams in the year-earlier period.

After considering the impact of the IPO, net profit for the period rose year over year to 2.98 billion dirhams.

Revenue reached 11.47 billion dirhams in the first six months of 2018, up 45.9% from 7.87 billion dirhams a year earlier.

Emaar Development logged residential property sales in the UAE of about 6.23 billion dirhams during the first half, with a sales backlog of 38.50 billion dirhams.

Emaar Malls PJSC logged revenue of 2.10 billion dirhams for the period, up 29.5% annually from 1.62 billion dirhams in the first half of 2017.

Revenues from Emaar Properties' mall, hospitality, leisure and entertainment business were up 17.2% year over year.

The group's hospitality, commercial leasing and entertainment sectors logged revenues of 1.43 billion dirhams for the first half, up from 1.39 billion dirhams in the prior-year period.

As of Aug. 13, US$1 was equivalent to 3.67 UAE dirhams.