Emaar Properties reported a 23 percent increase in first-half net profit before tax on Friday, as strong property demand in Dubai lifted revenue, property sales and its development backlog.
The developer said revenue for the six months ended June 30 rose 21 percent to AED23.9 billion ($6.5 billion), while EBITDA increased 24 percent to AED12.9 billion ($3.5 billion). Net profit before tax climbed 23 percent to AED12.8 billion ($3.5 billion).
Property sales reached AED26.6 billion ($7.2 billion) during the first half, while revenue backlog from property sales rose 13 percent year on year to AED164.9 billion ($44.9 billion), providing visibility for future revenue recognition.
Founder Mohamed Alabbar said the results reflected Emaar’s disciplined approach and Dubai’s continued economic expansion, adding that the company would continue developing destinations aligned with the emirate’s long-term ambitions.
Emaar Development, the group’s UAE development arm, reported revenue of AED13.3 billion ($3.6 billion), up 34 percent from a year earlier, while net profit before tax rose 41 percent to AED7.8 billion ($2.1 billion).
The company launched 11 residential projects during the first half across several master-planned communities and announced a new AED200 billion masterplan to expand its long-term development pipeline.
Its international development business generated property sales of AED4.2 billion ($1.1 billion), led by Egypt and India, while shopping malls, retail and commercial leasing revenue increased 9 percent to AED3.5 billion ($1.0 billion), with average occupancy of about 98 percent.
Recurring revenue from malls, hospitality, leisure and commercial leasing remained steady at AED5.1 billion ($1.4 billion).
