Emaar Reports More Than Double Increase In His Profits In Q2Monday, July 30, 2012
According to news, Emaar released a statement on Sunday in which it reported more than double increase in the profits of the firm in Q2 compared to year-ago quarter. Emaar, which is the biggest real estate developer in Dubai and has a successful track record of constructing skyscrapers like Burj Khalifa, has declared a net profit of AED 614 m during three months ending on 30th June. In year ago quarter, it reported a net profit of AED 250 m indicating more than double increase in its profits in just one year.
Sources also say that revenues of Emaar increased to AED 2.1 bn. The businesses which accounted for more than 51% of Emaar’s revenue during first six months of the year are retail and hospitality sectors including Armani branded hotels and Dubai Mall. According to Chairman of Emaar, Mohamed Alabbar, the key growth of the sectors including tourism, hospitality, retail, aviation and foreign trade is leading the real estate market in Dubai to turn around and set its track towards recovery.
Emaar also announced earlier this year to build a modern art museum and opera house in Emirate’s Downtown Dubai. Emaar also has plans to expand the area of it’s already largest retail centre in the world by floor space, Dubai Mall, by adding 1 m sq f of space. Emaar also reported that 224 units of its residential project, Panorama at The Views sold out within just 24 hours in May.
Dubai property sector, where prices crashed by up to 60% during the bad times, has finally reported signs of turnaround. As per Knight Frank findings of the last six months, prices have inched up by 5.6%. With a total value of AED 7.1 bn, the number of realty transactions jumped by 15% during Q2.