CW In Focus | Damac, Arabtec, Emaar's half-year financials
Construction Week's YouTube show reviews the business performance of the UAE's top listed firms
As we approach the business end of the year, contractors and real estate developers are beginning to reveal their profits and losses for H1 2019, and in this episode of Construction Week In Focus, Ashley Williams, features writer at Construction Week, rounds up the half-year financials posted by Damac Properties, Arabtec Holding, and Emaar Properties.
Damac Properties posted a 90.5% decline in H1 2019 net profits, which dropped to $22.2m (AED82m) from $234.7m (AED862.1m) in the same period last year, with the company having delivered 1,476 units in the first half of the year.
Meanwhile, Arabtec Holding revealed that a drop in contract awards drove a 49% drop in first-half profits, while Emaar Properties recorded a 52% increase in its half-yearly sales, which stood at $2.6bn (AED9.4bn) in H1 2019 compared to $1.7bn (AED6.2bn) in H1 2018.
Construction Week In Focus is a twice-weekly bulletin of the Middle East's top news from the real estate development and contracting sectors. The series is hosted on Construction Week's YouTube channel, alongside weekly series published by its sister titles. The latter includes MEP Engineered by MEP Middle East, FM Live by facilities management Middle East, and Heavy Metal by PMV Middle East.
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Construction Week In Focus episodes are published each Sunday and Wednesday. Heavy Metal episodes are published on Mondays, and FM Live updates are presented on Tuesdays. MEP Engineered rounds off the week each Thursday. All videos are published at 4.30pm Dubai time.