Emaar Properties’ net profit rose 18 percent to AED 3.344 billion ($910 million) in the first half of 2018, strengthened by strong growth in its development and malls businesses, it was declared on Tuesday.
According to the results, Emaar’s net profit for H1 2018 after considering the bang of the IPO of Emaar Development is AED 2.981 billion ($812 million), 5 percent more than the same time period the previous year.
The company’s revenue for the first six months of 2018 was AED 11.474 billion ($3.124 billion), 46 percent higher than H1 2017’s AED 7.866 billion ($2.142 billion).
In Q2, Emaar’s malls, hospitality, leisure and entertainment businesses posted net profits of AED 1.679 ($457 million), a 16 percent year-on-year increase. After considering the Emaar Development IPO, net profit was AED 1.480 billion ($403 million), 2 percent higher than the AED 1.453 billion ($396 million) recorded in Q2 2017.
“The strong financial performance of the company during the half-year highlights the strength of Dubai’s economy and its appeal to international investors and tourists,” Emaar Properties chairman Mohamed Alabbar.
“While our property business recorded positive growth with several new residential destinations launched in Dubai, our malls, hospitality, leisure and entertainment business benefited from the increase in tourist arrivals and boost in domestic spending.”
According to company statistics, more than 67 million people visited Emaar malls in H1 2017, 3 percent more than in 2017.
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