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Emaar Properties Records 'Resilient' First Half as Revenue, Profit Rise Amid Geopolitical Challenges

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Emaar Properties Records 'Resilient' First Half as Revenue, Profit Rise Amid Geopolitical Challenges

Emaar Properties (DFM:EMAAR) said Friday it delivered "resilient" results in the first half, with double-digit growth in revenue and profit, despite the geopolitical conditions in the Middle East.

The Dubai-listed real estate developer's revenue for the six months ended June 30 rose 21% year over year to 23.91 billion Emirati dirhams. Attributable net profit was 8.67 billion dirhams, up from 7.08 billion dirhams a year ago.

Property sales reached 26.6 billion dirhams, while the company's revenue backlog from property sales increased 13% annually to 164.9 billion dirhams as of June 30, providing strong visibility for future revenue. Emaar attributed its first-half performance to its business model and presales pipeline, which allowed the company to manage market variability and capture opportunities as conditions normalize.

"Our first half results reflect the discipline, consistency, and long-term approach that define Emaar. Dubai never stands still, and neither do we," the company's founder, Mohamed Alabbar, said.

Emaar Development (DFM:EMAARDEV), which leads Emaar's build-to-sell property development business in the United Arab Emirates, also reported a 34% annual revenue growth for the period to 13.34 billion dirhams. Its attributable net profit grew to 5.56 billion dirhams from 3.76 billion dirhams. Revenue backlog edged up 8% to 127.7 billion dirhams as of June 30.

Shares of Emaar Properties were down nearly 1% in Dubai, while those of Emaar Development were almost 2% in the red.

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