Emaar Properties sees 35% lower net profits in H1-20

by FaceDXB

Dubai – Mubasher: The net profits of Emaar Properties plunged by 35% to AED 2.01 billion in the first half (H1) of 2020, compared to AED 3.11 billion in the corresponding period of 2019.

The company generated revenues of AED 9.03 billion in the first six months of 2020, down 22% from AED 11.57 billion in the same period of 2019, according to a press release on Wednesday.

The earnings per share (EPS) settled at AED 0.28 in H1-20, versus AED 0.43 in the same half of 2020.

The group’s property sales reached AED 5.12 billion in the January-June period of 2020.

Meanwhile, the group has AED 41.753 billion as a total sales backlog, which will be recognised as revenues in the coming years.

Commenting on the company’s performance, the founder of Emaar, Mohamed Alabbar, said: “By acting boldly, innovating, revisiting our talent, and retaining cash liquidity, I truly believe that we have delivered a strong result despite the many challenges we faced.”

It is noteworthy to mention that in 2019, the group’s net profits rose by 1% to AED 6.200 billion from AED 6.139 billion in 2018

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