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Dubai’s Emaar Properties posts 15% rise in H1 net profit

Dubai’s Emaar Properties posted a 15% year-on-year (YoY) rise in H1 2023 net profit to 4.9 billion dirhams ($1.3 billion) on the back of sustained demand for property in the emirate.

Revenue came in at AED 12.3 billion during the quarter, the developer said in a statement on the Dubai Financial Market on Thursday where its shares trade.

Group property sales rose 14% YoY to AED 20.2 billion. Its revenue backlog from sales reached AED 62.8 billion as of 30 June 2023. “This backlog represents future revenue from property sales to be recognised over the next few years,” the statement said.

Meanwhile, its DFM-listed subsidiary, Emaar Development, posted a net profit of AED 2.2 billion, unchanged from the prior-year period.

(Writing by Brinda Darasha; editing by Seban Scaria)


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