Dubai – Mubasher: Emaar Properties reported a rise in its net profits by 23.2% year-on-year in the second quarter of 2017, according to a statement.
Net profits amounted to AED 1.7 billion ($463 million) in Q2-17, compared to AED 1.4 billion ($381 million) in Q2-16.
Revenues rose 1.9% to AED 3.8 billion in Q2-17 from AED 3.73 billion in Q2-16. Meanwhile, revenues expenses reached AED 1.63 billion in Q2-17, down 10.7% from AED 1.82 billion in Q2-16.
In the first half of 2017, net profits grew 16.3% to AED 3.14 billion, compared to AED 2.7 billion in H1-16.
Emaar’s revenue from its international development grew 64% to AED 1.697 billion ($462 million) in H1-17 from AED 1.032 billion ($281 million) in the prior-year period, contributing 22% to the total group’s revenues. This was backed by significant progress in projects achieved in key markets including Egypt, Turkey, India, and Saudi Arabia, among others.
“The positive performance builds on Emaar’s ongoing focus on project delivery and being a customer-centric organisation,” Emaar chairman Mohamed Alabbar said, adding that “at every stage of development, we place emphasis on being more efficient and responsive to the aspirations of our customers, and to create long-term value for our stakeholders”.
