Emaar increases first-half net profits by 41%

Firm grows income despite flat sales; ten new Dubai projects launched

Downtown Dubai, Emaar Properties.
Downtown Dubai, Emaar Properties.

Emaar has increased its net profit by 41% in the first half of 2014 $471mn (AED1.7bn) even though revenues remained fairly flat at around $1.4bn (AED5.1bn).

The developer said that its higher profits were led by its malls and hospitality arm, which reported a 14% increase in recurring revenues to $721mn, or 52% of the total.

Revenues from its international arm were 43% higher than in the first half of last year at $204mn (AED526mn).

Chairman Mohamed Alabbar attributed its growth to Dubai's improved prospects, praising ruler HH Sheikh Mohammed bin Rashid Al Maktoum's vision for the continued growth of the city, which he described as "a magnet for talent and capital".

Emaar Properties launched ten new property projects in Dubai during the first half of 2014, and Alabbar said the firm would "continue to create iconic lifestyle destinations to support the city as it gears up to host the World Expo 2020 through strategic joint venture partnerships”.

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