UAE's Emaar Properties Q2 profit rises 16%

Dubai-listed developer Emaar Properties on Tuesday said its net profit in second quarter of 2018 grew 16 percent year-on-year (YoY) to AED 1.8 billion ($457 million), prior to considering the impact of the IPO of Emaar Development.

The Q2 net profit was up 2 percent YoY at AED 1.5 billion ($403 million), after considering Emaar Development IPO, the developer said in a statement.

Revenue for Q2 2018 came in at AED 5.9 billion ($1.6 billion), 55 percent higher YoY.

The firm reported its net profit for the first half of 2018 at AED 3.3 billion ($910 million), up 18 percent YoY. This was without the impact of Emaar Development IPO.

Emaar Properties revenue in H1 2018 stood at AED 11.5 billion ($3.1 billion), a 46 percent YoY growth, driven by strong construction progress and growth in malls business, the statement said.

Emaar’s malls, hospitality, leisure and entertainment businesses recorded revenue of AED 3.5 billion, 17 percent higher than the same period in 2017 and representing 31 percent of the total revenue.

Emaar Development recorded property sales of AED 6.2 billion H1 2019, with a total current backlog of AED 38.5 billion, the company said.