Turnover for Emaar Properties in the first half-year of 2019 leapt 52 per cent to Dh9.443bn (US$2.571bn), it has been reported by the group that has a significant and expanding entertainment division.
Property development remains the core of the Emaar business, but malls and hospitality also contributed significantly. Revenues for the half-year stood at Dh11.569bn ($3.150bn) and the net profit was DH3.110bn ($847m).
The strong financial situation of the group is accentuated by the fact that at the end of the half-year Emaar had a backlog of sales of Dh49.188bn ($13.392bn) and this will come through the accounts progressively over the next three years.
Said Emaar Properties chairman Mohamed Alabbar: “The driving force of Emaar’s strong, consistent performance this year is the enhanced reputation of Dubai as the first choice among the leading global destinations for property investment. Our successful expansion to malls and hospitality, which complements the tourism sector of Dubai, also generates significant revenue.”
The group launched 16 new projects in Dubai in the year, including the Mina Rashid plans for a sailing destination in Dubai Creek. In the malls sector, Emaar showed a six per cent growth in revenue to Dh2.227bn ($606m) with net profits up three per cent to Dh1.130bn ($308m). Its main mall assets are the Dubai Mall, Dubai Marina Mall, Gold and Diamond Park, Souq Al Bahar and the Community Retail Centres.
Hospitality and leisure, entertainment and commercial leasing added Dh2.415bn ($658m) to revenue.
