Emaar Properties reports 15% growth in H1 2017
Emaar Properties has reported a net growth of 15% to $772m in the first half of 2017, compared to $674m during the corresponding period last year
Emaar Properties has reported a net growth of 15% to $772m in the first half of 2017, compared to $674m during the corresponding period last year.
The Dubai-based property developer announced its financial results for H1 2017 on Monday, reporting revenues of $2.1bn, an increase of 8% over the same period in 2016.
Emaar’s revenue from its international development recorded a growth of 64% in H1 2017 to $462m, compared to the H1 2016 international revenue of $281m.
Emaar’s international development now contributes 22% to the total group revenue, underpinned by progress in markets including Egypt, Turkey, India, and Saudi Arabia, among others.
The developer also recorded a net profit of $396m in Q2 2017, an increase of 14% over Q2 2016 net profit of $346m.
Mohamed Alabbar, chairman of Emaar Properties, said: “Organisation-wide, we are marking a transformational change to strengthen project management and service excellence led by digital technology.
“At every stage of development, we place emphasis on being more efficient and responsive to the aspirations of our customers, and to create long-term value for our stakeholders.”
In June, Emaar announced its plan to list its UAE real estate development business through up to 30% share offering on the Dubai Financial Market (DFM).
The funds raised through the sale of equity will be primarily distributed as dividends to shareholders. The developer has not disclosed a specific timeframe as to when the funds will be raised.