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Dubai’s Emaar Properties posts 35% drop in net profit for H1 2020

Dubai’s Emaar Properties posts 35% drop in net profit for H1 2020

It recorded Dhs9.032bn in revenues for H1 2020

Dubai’s Emaar Properties recorded a net profit of Dhs2.007bn ($546m) in first half of 2020, marking a drop of 35 per cent from Dhs3.1bn during the year-earlier period.

Meanwhile, the company recorded a 22 per cent decline in revenues in H1 2020, posting Dhs9.032bn ($2.459bn) from Dhs11.6bn during H1 2019.

Meanwhile, Emaar’s half-yearly property sales totalled Dhs5.120bn ($1.394bn).

Mohamed Alabbar, founder of Emaar, said: “Our performance in the first half of 2020 has demonstrated our fundamental ability to retain strength and act with agility and speed in the face of the challenges presented by Covid-19. Emaar’s performance is a testament to the products we introduce and the people behind these innovations.”

“We’ve placed an even greater emphasis on being a lean organisation and, through our geographical expansion, we have been able to deliver a solid performance. By acting boldly, innovating, revisiting our talent and retaining cash liquidity, I truly believe we have delivered a strong result despite the many challenges we faced. As the world emerges from Covid-19, I am confident that we will use our strength, talent and business diversity, that we have focused even more intensively on during these challenging times, to face the future stronger than ever,” he added.

Emaar introduced several initiatives which include the launch of the new Emaar Properties website (emaar.com), direct online booking on emaar.com, alongside numerous initiatives and offers on the Emaar One app. Additionally, it offered the Emaar Virtual Assistant, a new brokers’ app – MyEmaar, the Interactive Map feature, and 360 Virtual Tour tours across Emaar communities and properties on emaar.com.

In H1 2020, Emaar Development reported revenue of Dhs4.818bn ($1.312bn) with half-yearly net profit of Dhs1.036bn ($282m).

As of June 2020, Emaar’s delivery track record includes more than 64,700 residential units in Dubai and other international markets, with over 43,500 units delivered in the UAE.

Emaar Malls has registered a net profit of Dhs345m ($94m) in the first half of 2020, marking a dip of nearly 69 per cent from Dhs1.130bn ($308m) in H1 2019.

Read: Emaar Malls reports 69% dip in net profit for H1 2020

Meanwhile, Emaar’s international property development recorded half-yearly revenue of Dhs1.726bn ($470m), similar to the revenues recorded during the same period last year.

The UAE property sales, meanwhile, stood at Dhs3.236bn ($881m) in H1 2020.

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