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Emaar Properties records 15% YOY jump in H1 net profit

Emaar Properties PJSC registered a 15% year-over-year uptick in net profit to about 2.84 billion United Arab Emirates dirhams during the first half from about 2.48 billion dirhams.

Revenue came in at an estimated 7.87 billion dirhams, logging an 8% jump from about 7.26 billion dirhams in the first half ended June 30, 2016.

In the same period, international development in key markets including Egypt, Turkey, India and Saudi Arabia led to a 64% year-over-year surge in revenue from global operations at approximately 1.70 billion dirhams. Recurring revenues from shopping malls, retail, hospitality and leisure properties had a 38% share in total revenue, amounting to about 3.02 billion dirhams.

The company's property sales in Dubai reached 10.81 billion dirhams, boosted 22% on the year by the launch of flagship projects including Dubai Creek Harbour, Downtown Dubai, Dubai Hills Estate and Emaar South.

For the second quarter, the company posted net profit of 1.45 billion dirhams, up 14% from the 1.27 billion dirhams recorded in the year-ago period.

As of Aug. 14, US$1 was equivalent to 3.67 United Arab Emirates dirhams.