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Emaar H1 profit down 35pc as Covid hits businesses

DUBAI, August 12, 2020

Leading Dubai developer Emaar Properties has registered a net profit of AED2.007 billion ($546 million) for the first six months of the year, down 35 per cent compared to AED3.1 billion ($843 million) for the same period in 2019.
 
Announcing the financial results for the period till June 30, Emaar said its revenue for the period too registered a 22 per cent decline hitting AED9.032 billion ($2.459 billion) from AED11.6 billion during H1 2019.
 
As of June 30, Emaar has reported a property sales worth AED5.12 billion ($1.394 billion) despite the challenging environment, stated the Dubai developer, adding that its half-yearly performance was underpinned by its ongoing investment in innovation and digitalisation across its businesses. 
 
On its performance, Founder Mohamed Alabbar said: "It 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."
 
Emaar, he stated, had introduced several initiatives which include the launch of the new Emaar Properties website, direct online booking alongside several other 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.
 
Alabbar said Emaar had placed an even greater emphasis on being a lean organisation and through its geographical expansion, the Emirati developer had 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.
 
In H1 2020, Emaar Development reported revenue of AED4.818 billion ($1.312 billion) with half-yearly net profit of AED1.036 billion ($282m).
 
During the first six months, 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.-TradeArabia News Service



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