Dubai, Asharq Al-Awsat- global real estate major Emaar Properties PJSC has announced record revenue and net profits of AED 5.079 billion (US$ 1.383 billion) and AED 3.053 billion (US$ 0.831 billion) respectively, for the half year ended 30 June 2006. The revenue and profit for the second quarter of 2006 (April to June) were AED 2.840 billion (US$ 0.773 billion) and AED 1.536 billion (US$ 0.418 billion) respectively.
Emaar’s net profits for the first six months of the year gained by 21 per cent over the record first-half 2005 results of AED 2.533 billion (US$ 0.690 billion). Revenues for the half year grew 8 per cent over half-year 2005 results of AED 4.717 billion (US$ 1.284 billion).
Net profits grew 1 per cent over the first quarter 2006 results of AED 1.517 billion (US$ 0.413 billion), and by 27 per cent over the net profit of AED 1.208 billion (US$ 0.329 billion) in second quarter 2005.
Second quarter 2006 gross profit rose to AED 1.681 billion (US$ 0.458 billion), an increase of 13 per cent from AED 1.487 billion (US$ 0.405 billion) during the first quarter of 2006, and 40 per cent from AED 1.199 billion (US$ 0.326 billion) in the second quarter of 2005.
Annualized Earnings per Share (EPS) for the period is AED 1.04 compared to the actual EPS of AED 0.85 for 2005.
“Our global expansion programme is on overdrive and aligned with our vision of becoming one of the most valuable companies in the world in the next four years,” said Mohamed Ali Alabbar, Chairman of Emaar Properties. “The second quarter results are indicative of the robustness that marks Emaar’s fundamentals. As a company committed to its shareholders, we want to go the extra mile and enhance investor confidence through value-added projects.”
During the first half of 2006, Emaar announced a number of international projects of development value AED 79.04 billion (US$ 21.52 billion).