Realty major Emaar Properties has reported a 44.35 per cent jump in net operating profit at $332 million for the first six months of this year.
The company had posted an operating profit of $230 million in January-June last fiscal.
However, total income remained flat at $1.068 billion, Emaar Properties said in a statement.
The company’s net operating profit for the second quarter (April-June) was $167 million ($115 million), up 45 per cent.
Revenues for the second quarter were $572 million, 15 per cent higher than $496 million recorded in the first three months of the year.
The real estate market in Dubai is turning around, led by the robust performance of key growth sectors including, aviation, retail, hospitality, tourism and foreign trade, Emaar Properties Chairman, Mohamed Alabbar, said.
“To add long-term value to our stakeholders, we are planning on bigger growth in our home market through projects such as the Dubai Modern Art Museum ‘&’ Opera House District, and the expansion of The Dubai Mall, in addition to new project launches,” he said.
Rental, retail biz
Emaar’s rental and retail business primarily comprising Emaar Malls Group, contributed approximately $354 million to the first-half revenue, which is an increase of 23 per cent compared to the same period in 2011.
Emaar Hospitality Group, the hospitality & leisure business subsidiary of Emaar Properties, recorded a revenue of $196 million during the first six months with an average occupancy of 89 per cent at its flagship Address Hotels and Resorts, the statement said.