Emaar Properties PJSC recorded a 15% growth in net profit to AED2.837 billion ($772 million) during the first six months (January-to-June) of 2017 (H1 2017), compared to AED2.475 billion ($674 million) during the same period last year.
H1 2017 revenue is AED7.866 billion ($2.142 billion), an increase of 8% over H1 2016 revenue of AED7.257 billion ($1.976 billion).
Recurring revenue from Emaar’s shopping malls & retail, hospitality & leisure, commercial leasing and entertainment businesses in H1 2017 is AED3.016 billion ($821 million), which represents 38% of the total revenue.
Emaar’s revenue from its international development recorded a growth of 64% in H1 2017 to AED1.697 billion ($462 million), compared to the H1 2016 international revenue of AED1.032 billion ($281 million). This was underpinned by significant progress in projects achieved in key markets including Egypt, Turkey, India and Saudi Arabia, among others. Emaar’s international development now contribute 22% to the total Group revenue.
In the second quarter (April-to-June) of 2017 (Q2 2017), Emaar recorded a net profit of AED1.453 billion ($396 million), an increase of 14% over Q2 2016 net profit of AED1.270 billion ($346 million).
“Organisation-wide, we are marking a transformational change to strengthen project management and service excellence led by digital technology. At every stage of development, we place emphasis on being more efficient and responsive to the aspirations of our customers, and to create long-term value for our stakeholders,” says Mohamed Alabbar, chairman, Emaar Properties
“This complements the transition of the nation into a smart economy led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president and prime minister and ruler of Dubai. As a year-round tourism and retail destination, and with a focus on infrastructure development, the UAE has evolved as a global business and leisure hub, and through our projects, we are contributing to the nation in driving sustained economic growth,” he adds.
Steady growth in recurring revenue
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, reported H1 2017 net profit of AED1.021 billion ($278 million), 3% higher than H1 2016 net profit of AED987 million ($269 million). Emaar Malls revenue in H1 2017 is AED1.624 billion ($442 million), similar to H1 2016 revenue of AED1.618 billion ($441 million).
The shopping mall assets of Emaar Malls welcomed over 65 million visitors in the first half of 2017, an increase of 7% over H1 2016.
As part of the digital transformation initiatives, Emaar Malls acquired a 51% stake in online fashion retailer Namshi. This complements its focus on multi-channel retailing and creating long-term value for its stakeholders.
Further afield, in Q2 2017, Emaar Turkey opened Emaar Square Mall, a world-class retail and leisure destination located in the heart of Emaar Square in Istanbul, an elegant master-planned development, showcasing some of the world’s leading retail, entertainment and gastronomy brands to assure visitors a memorable experience.
J Lindeberg was started by Johan Lindeberg in 1990s with the aimSeptember 2, 2022 | By RetailME Bureau
Majid Al Futtaim has made significant strides toward environmental, social, and corporateJuly 5, 2022 | By RetailME Bureau
Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon
UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness
Abu Dhabi-based supermarket chain Lulu Hypermarket is all set to open in
Plant-based meat brand Beyond Meat’s financial results for the third quarter of
UAE’s fresh produce brand Barakat has launched bio-degradable packaging across its entire
UAE-based agritech start-up Pure Harvest Smart Farms has signed a Memorandum of
Carrefour, owned and operated by Majid Al Futtaim – Retail in the
Grandiose Supermarket, part of Ghassan Aboud Group, has announced expansion plan in
The Valrhona journey began 100 years ago with a cocoa bean. Since
Deliveroo UAE has announced the expansion of its rapid grocery delivery service
The Ministry of Climate Change and Environment (MOCCAE) revealed that the UAE
Dubai’s newest lifestyle and shopping destination Silicon Central – under the portfolio
Line Investments & Property LLC, the shopping mall and management division of
The Dubai Festivals and Retail Establishment (DFRE) has unveiled an exciting line-up
This month Dubai’s Italian themed Mercato mall will complete two decades since
Majid Al Futtaim’s shopping mall City Centre Mirdif has launched a two-week
UAE-based retail conglomerate Landmark Group’s children’s concept Babyshop has opened a new
Dubai’s new lifestyle and shopping destination Silicon Central signs up five brands
Sunset Hospitality Group (SHG) has announced a partnership with award-winning Italian restaurant
UAE-based retail group Brands For Less Group (BFL) launched its first shopping
The UAE e-commerce market is expected to reach $9.2 billion in 2026,
As part of its expansion plan home-grown brand PINZA! opens two dine-in
Alison Rehill-Erguven the new CEO of Arabian Centres Company (ACC), owner, developer