Emaar Properties Q2 net profit rises 14%

Dubai-listed Emaar Properties reported a net profit of AED 1.5 billion for the second quarter of 2017, an increase of 14 percent year-on-year (YoY) as Dubai property sales rose.

The profit for the first six months of this year stood at AED 2.8 billion, up 15 percent YoY, the developer said in a bourse statement.

Property sales in Dubai grew 22 percent YoY in H1 to AED 10.8 billion, reflecting consumer interest, Emaar said, adding that the growth was led by residential launches in the company’s flagship projects.

Revenues for the six-month period rose 8 percent YoY to AED 7.9 billion.

Recurring revenue from Emaar’s shopping malls, retail, hospitality, leisure, commercial leasing and entertainment business was over AED 3 billion – representing 38 percent of the total revenue.

Emaar’s revenue from its international development grew 64 percent YoY in H1 2017. The company’s international development contributed 22 percent of the total revenue, the statement said.

In June, Emaar announced its plans to list up to up to 30 percent of its UAE real estate development business, through a share offering on the Dubai Financial Market (DFM).

The funds raised through the sale of equity will be distributed as dividends to Emaar shareholders, subject to market conditions, the company said.