Emaar H1 net steady at Dh1.23bn

Property developer Emaar Properties PJSC recorded first-half 2013 (January to June) net profit Dh1.231 billion ($ 335 million) similar to the first-half 2012 net profit of Dh 1.220 billion ($332 million).

The revenue for the first six months of the year is Dh5.219 billion ($1.421 billion), which is 33 per cent higher than the revenue of Dh3.921 billion ($1.068 billion) recorded during the same period last year.

The net profit for the second quarter of 2013 (April to June) is Dh675 million ($184 million), 21 per cent higher than the net profit during the first quarter (January to March) of the year at Dh556 million ($151 million), and 10 per cent more than the second quarter 2012 net profit of Dh614 million ($167 million).

Revenue for the period from April to June 2013 is Dh3.109 billion ($846 million), 47 per cent higher than the first quarter 2013 revenue of Dh2.110 billion ($574 million), and 48 per cent more than the second quarter 2012 revenue of Dh2.100 million ($572 million).

The hospitality and leisure and shopping malls and retail businesses of Emaar recorded total revenues of Dh2.326 billion ($633 million), 45 per cent of the total revenue, while the contribution of international operations to the half-year 2013 revenue was Dh526 million ($143 million), 10 per cent of the total revenue.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Our significant growth in the first half of the year is a strong reflection of the positive environment that our home market of Dubai offers by serving as a global business and leisure hub. We draw on the dynamism of the city, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to further reiterate our world-class competencies in our three core business segments of property development, hospitality and shopping malls.”

The total sales value in Dubai of Emaar’s real estate developments until the end of June is Dh6.3 billion ($ 1.7 billion), which is nearly four times the sales during the same period in 2012 at Dh1.6 billion ($436 million).

The shopping malls and retail business of Emaar recorded total revenue of Dh1.555 billion ($423 million) during the first half of 2013, which is 20 per cent higher than the first-half 2012 sector revenue of Dh1.294 billion ($352 million).

The hospitality and leisure business contributed Dh771 million ($210 million) to Emaar’s revenues during the first six months of 2013, seven per cent higher than the revenue of Dh720 million ($196 million) during the same period last year.

 

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