Emaar Properties reported a half-year net profit of Dh1.56 billion on Wednesday as a result of “robust performance” fueled by record property sales of Dh16.842 billion.
The first-half sales show a 229% rise compared to the first half 2020 property sales of Dh 5.120 billion.
“The remarkable performance was a result of Emaar’s concerted focus on sales of under-construction projects and the successful launch of properties both in the UAE and international markets,” the property major said in a statement.
“Led by robust performance of the property development business as well as a mall and hospitality businesses, Emaar achieved revenue of Dh12.5 billion during the first half of 2021, 52 percent higher than the H1 2020 revenue of Dh8.220 billion. H1 2021 net profit stood at Dh1.560 billion compared to Dh1.698 billion in H1 2020, which included an exceptional income of Dh982 million primarily relating to the sale of Emaar’s District Cooling business,” the company said.
“Our performance in the second quarter demonstrates our continued resilience and ability to anticipate and ‘future-proof’ the business. Looking to the future, I am very optimistic about the remainder of the year as we maintain our focus on meeting and exceeding our customers’ expectations, delivering long-term, sustainable results across our business units, and collectively strengthening our organization. This will ensure we continue to anticipate and meet customers’ rapidly evolving property and lifestyle demands, while improving the lives of residents and visitors alike,” an Emaar spokesperson said.
The Emaar Group has handed over more than 77,000 residential units in Dubai and international markets since 2002, with more than 25,700 units currently under construction in the UAE and 11,000 units in global markets. In addition to its commitment to design, build quality, and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across a wide range of market segments, and its properties continue to attract investors both domestically and internationally.
Its revenue reached Dh 2.048 billion (in H1 2021), 24 percent higher than the same period last year. Tenants’ retail sales recovered for the period and the company collected a net profit of Dh622 million.
Comparing Q2 2021 revenues with Q1 2021 revenues, the Q2 2021 revenues increased by 27 percent, to Dh 1.147 billion. Emaar Malls’ fashion and lifestyle e-commerce platform, Namshi, a wholly-owned subsidiary, recorded revenue of Dh 427 million for Q2 2021, up 65 percent from the Q1 2021 period.
The hospitality, leisure, entertainment, and commercial leasing businesses of Emaar earned a combined revenue of Dh 948 million in H1 2021, an increase of 14 percent from the same period last year. Even with challenging market conditions and limited international travel, hotels managed by Emaar Hospitality Group saw occupancy levels of 63 percent.