Dubai-based property developer Emaar reported a flat net profit for the first half of the year, though revenues rose 33 per cent year-on-year.
Net profit for the first six months of 2013 reached Dhs1.231 billion ($335 million), up marginally compared to Dhs1.22 billion ($332 million) in H1 2012.
Revenue rose to Dhs5.219 billion, up from Dhs3.921 billion during the same period last year.
The developer’s second quarter net profit also increased 10 per cent year-on-year to Dhs675 million ($184 million), while revenue for the three months hit Dhs3.109 billion, 48 per cent higher than Q2 2012.
Emaar’s hospitality, leisure, shopping malls and retail businesses made Dhs2.326 billion, 45 per cent of Emaar’s total H1 2013 revenue, while international operations contributed 10 per cent to the total revenues.
Total sales value of property developments in Dubai until the end of June stood at Dhs6.3 billion, nearly four times the sales during the same period in 2012 at Dhs1.6 billion, the company said in a statement.
Emaar has also handed over approximately 36,600 units including 20,900 apartments and around 15,700 villas. It has also completed over 4.3 million sq ft of commercial space, of which 690,000 sq ft was in international markets.
With Dubai’s real estate market recovering from the property crash in 2009, developers such as Emaar have now started cashing in.
The company has announced a slew of new projects so far this year including Dubai Hills Estate – the first phase of the Mohammed Bin Rashid City (MBR City) along with Meraas Holding; serviced residences complex The Address Residence Fountain Views I & II; The Address Residence Sky View and Burj Vista.
Emaar also unveiled Mira townhouses in Reem and The Hills, a premium residential project within Emirates Living.
The company is also expanding its flagship retail hub, The Dubai Mall, and announced plans to introduce two new hotel brands – Vida Hotels and Resorts, and Dubai Inn.