With domestic property sales as the prime driver, Emaar Properties PJSC recorded first-half 2008 net profits of AED3.315 billion, a marginal growth over half-year 2007 net profits of AED3.279 billion. Net profits in the second quarter (April to June) of the year grew 7% over second quarter 2007 net profit of AED1.558 billion ($0.424 billion) and is similar to the first quarter 2008 profits. Revenue for the first six months of the year is at same level as half-year 2007 revenue of AED8.203 billion ($2.233 billion). The revenue for second-quarter 2008 (April to June) is AED4.240 billion ($1.154 billion), 7 percent more than the first-quarter 2008 revenue of AED3.961 billion ($1.078 billion). Earnings per share (EPS) for the first six months of the year is AED0.54 with the annualized EPS for 2008 being AED1.08. Mohamed Ali Alabbar, chairman, Emaar Properties, said: “Globally, the first-half of 2008 was marked by recessionary trends and mounting inflation. For a property developer of Emaar's geographic outreach, this period also meant greater exposure to the market challenges of rising prices and reduced consumer spending. However, Emaar's results for the six months prove the robustness of our long-term strategic Vision 2010 to focus our growth efforts in the emerging markets of the region and Asia.” “Emaar, as part of our commitment earlier to our stakeholders, remained focused on long-term revenue and profits and resorted to sale of developed properties rather than land sales. This has earned excellent results across and also positions us well to further build our development portfolio and extract long-term value for our shareholders. Markets like India, Morocco, Saudi Arabia, Egypt, Syria and Turkey not only yielded strong domestic sales but also attracted sizeable international sales - especially at roadshows held in Dubai,” he said. Alabbar moreover said one of the core areas of Emaar's growth in the first half of 2008 was in further strengthening its diverse business portfolio. While Emaar Malls Group recorded overwhelming retailer response for The Dubai Mall, set to open later this year, Emaar Hospitality Group unveiled “The Address Hotels & Resorts”, Emaar's own five-star premium hotel brand. Emaar Healthcare Group joined hands with Methodist International in the US to open hospitals in the Middle East and North Africa (MENA) region and Turkey, and Emaar Education announced plans to launch a Hospitality Training Institute, and expanded its geographic reach to Saudi Arabia. He said Emaar's growth strategies reiterate the commitment of the company to its stakeholders in enhancing value generation. “We are on the road to achieving our Vision 2010 to become one of the most valuable companies in the world. This has been made possible for Emaar, which is a little over ten years old, due to the trust of our shareholders in us. In the coming months, Emaar will continue its focus on its existing markets and further strengthening our new businesses.”
