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Emaar Properties recorded sales for the first half of 2019 at AED 9.4 billion, up 52% from the same period in 2018, and one of the highest reported by the company in Dubai.
However, net profits during the same period declined to AED 3.1 billion from AED 3.2 billion in H1 2018 on the back of higher costs. The developer’s revenues also fell 4% to AED 11.5 billion in the first six months of 2019.
In a statement to Dubai Financial Market, Emaar Properties said its total sales backlog was AED 49.2 billion, which would be recognised as revenue in the next three to four years. The company has a land bank of 1.6 billion sq ft in multiple markets, with its international operations accounting for 15% of revenues during the first half of 2019.
The filing also showed that Emaar Properties’ expenses from sales, administration and marketing climbed 12% to AED 2.1 billion in the first half of the year.
“Our successful expansion to malls and hospitality, which complements the tourism sector of Dubai, too generates significant revenue. As a catalyst of the economy, and with our commitment to creating value, we will continue to strengthen our three core businesses, especially by leveraging the power of digital connectivity and engagement,” said Mohamed Alabbar, chairman of Emaar Properties.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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