Emaar Properties has recorded a 12% growth in first half 2015, with net profit to AED 2.205 billion (US $600 million), and recurring revenue from its shopping malls, retail & hospitality business in H1 2015 standing at AED 2.9 billion ($790 million), 10% higher than H1 2014.
The developer's revenue for H1 2015 was AED 6.497 billion ($1.769 billion), 13 per cent higher than the H1 2014 revenue of AED 5.730 billion ($1.560 billion), and the shopping, retail and hospitality businesses contributed 45% of the total revenue.
During the second quarter of the year (April to June 2015), Emaar recorded a net profit of AED 1.179 billion ($321 million), which is 16% higher than the same period last year and 15% higher than first-quarter 2015 (January to March). Revenue for Q2 2015 at AED 3.484 billion ($949 million) is 16% higher than Q1 2015.
Mohamed Alabbar, chairman of Emaar Properties, said: “The positive performance of Emaar is led by our deep-rooted commitment to create sustained value for our stakeholders. It reflects the success of our strategic approach of building value by monetising core performing businesses and international operations as well as strengthening our high-performing subsidiaries."
The hospitality & leisure business of Emaar, recorded first half 2015 revenue of AED 884 million ($241 million), similar to H1 2014 revenue while the average occupancy in the flagship Address Hotels + Resorts at 87% was also similar to the same period last year.
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