Building on the positive growth of Dubai's economy, Emaar Properties PJSC recorded a net profit of AED1.731 billion (S471 million) during the first half of 2014. This is 41 percent higher than H1 2013 net profit of AED1.231 billion ($ 335 million). Led by the strong performance of the Malls and Hospitality business segments, Emaar's revenue for the first six months of 2014 is AED5.063 billion ($1.378 billion), similar to H1 2013 revenue of AED5.219 billion ($1.421 billion). The net profit for the second quarter (Q2 - April to June) 2014 is AED868 million (S236 million), 29 percent higher than Q2 2013 net profit of AED675 million ($184 million). Revenue for Q2 2014 is AED2.807 billion ($764 million), 24 percent higher than Q1 2014 revenue of AED2.256 billion ($614 million). Emaar's malls & retail and hospitality & leisure subsidiaries contributed AED2.647 billion ($721 million) in recurring revenues during the first six months of 2014, 14 percent higher than the revenue from these high-performing businesses during the same period last year at AED2.326 billion ($633 million). The share of revenue from the two businesses to the total revenue in H1 2014 is 52 percent. The malls, retail & hospitality revenues during Q2 2014 was AED1.301 billion ($354 million), 12 percent higher than Q2 2013 revenues of AED1.160 billion ($316 million). Revenues from the company's global operations during H1 2014 were AED751 million ($204 million), representing 15 percent of the total revenue. This is 43 percent higher than the international revenues during H1 2013 at AED526 million ($143 million). Revenue from international operations during Q2 2014 was AED463 million (S126 million), 61 percent higher than Q1 2014 revenue of AED288 million ($78 million). Mohamed Alabbar, Chairman of Emaar Properties, said the positive growth of the company has been energised by Dubai's strong credentials as a stable and safe hub for business and leisure. “His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has set a strong roadmap of growth for the city's economy, which has boosted investor confidence. The city is today a magnet for talent and capital, and we are complementing this growth through our world-class property, retail and hospitality assets.” He added: “In the last six months, Emaar has contributed significantly to building Dubai's property infrastructure through the launch of several new projects. We will continue to create iconic lifestyle destinations to support the city as it gears up to host the World Expo 2020 through strategic joint venture partnerships.” – SG
