Emaar: “significant steps to control costs” with $282m profit for H1 2020
Amid the challenges of COVID-19, Emaar said “the resilient” financial performance was supported by continued construction progress
Emaar Development, which is owned by Dubai-based property and lifestyle developer Emaar Properties, has revealed that it has delivered a “strong track record” as property sales reached $879m, as well as gaining $282m in profit throughout the first half of 2020.
Emaar said its “resilient financial performance” was attributed by inventory sales and continued construction progress throughout the pandemic. Emaar added that it accumulated a sales backlog of $8.06bn (AED 29.4bn).
Despite the challenges presented to the developer by COVID-19, Emaar pledged that it remained committed to its project delivery dates and has handed over approximate 1,000 residential units in the first half of 2020.
Commenting on their finances, Emaar Properties founder Mohamed Alabbar, said its strategic approach is “what propels them forward year after year” even with challenging market conditions.
“We will continue to innovate, enhance our services and deliver exceptional experiences by creating world-class amenities and managing our communities with utmost care,” said Alabbar.
He added: “We have undertaken significant steps to control our cost base, reduce our operational costs and revisit our talent, while maintaining our focus on our quality services. I am confident that we are well placed to continue to deliver against our strong track record as the market recovers.”