Reports profit of US$ 282mn for the same period
Emaar Development has reported encouraging half-year financial results despite the challenges presented by the impact of Covid-19.
The developer reported property sales of AED 3.230bn (US$ 879mn) in the first half of the year (January to June) and net profit of AED 1.036bn (US$ 282mn). Alongside promising sales of these new lifestyle projects, Emaar has accumulated a healthy sales backlog of AED 29.407bn (US$ 8.006bn).
“We have undertaken significant steps to control our cost base, reduce our operational costs and revisit our talent, while maintaining our focus on our quality services. I am confident that we are well placed to continue to deliver against our strong track record as the market recovers,” affirmed Mohamed Alabbar, Founder of Emaar Properties and Emaar Development.
The company handed over approximately 1,000 residential units in the first half of 2020 in prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Arabian Ranches and Emaar South.
As of June 2020, Emaar has handed over more than 43,500 residential units, while more than 29,000 residences are under development in the UAE.
