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H1 2019 sales at Dubai’s Emaar Properties climbs 52% to $2.6bn

The developer's international operations added $475m to its total revenue in H1 2019, 12% higher than 2018

Emaar's backlog totalled $13.4bn in H1 2019.
Emaar
Emaar's backlog totalled $13.4bn in H1 2019.

Dubai Financial Market-listed (DFM) real estate developer Emaar Properties, led by chairman Mohamed Alabbar, has recorded a 52% increase in its half-yearly sales that stood at $2.6bn (AED9.4bn) in H1 2019 compared to $1.7bn (AED6.2bn) in H1 2018.

Sales backlog for the period ending 30 June, 2019 — including international operations — totalled $13.4bn (AED49.2bn) for the developer.

Chairman of Emaar Properties, Mohmaed Alabbar, said in a statement: “The driving force of Emaar’s strong, consistent performance this year is the enhanced reputation of Dubai as the first choice among the leading global destinations for property investment.

“Our successful expansion to malls and hospitality, which complements the tourism sector of Dubai, too generates significant revenue,” Alabbar added, while pointing at the strong performance of the group’s property, malls and hospitality businesses.

The company’s property development arm, Emaar Development, posted net profit of $376m (AED1.4bn) and revenue of $1.7bn (AED6.2bn) in H1 2019.

In the filing the company said that it launched 16 projects with a total value of $2.4bn (AED8.9bn) in the first half of the year and recorded more than 60% sale of its units launched in the same period.

Meanwhile, the developer’s mall unit, Emaar Malls, reported a 3% jump in H1 2019 profits to reach $308m (AED1.1bn) and revenues in the same period grew by 6% to $606m (AED2.2bn).

In H1 2019, the developer’s international operations added 15% to its total revenue at $475m (AED1.7bn), which is 12% higher than its H1 2018 figure of $422m (AED1.5bn).

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Construction Week - Issue 749
Sep 15, 2019