Dubai’s Emaar Properties posts 35% drop in net profit for H1 2020

Dubai’s Emaar Properties posts 35% drop in net profit for H1 2020

Dubai's Emaar Properties recorded a net profit of Dhs2.007bn ($546m) in first half of 2020, marking a drop of 35 per cent from Dhs3.1bn during the year-earlier period.

Meanwhile, the company recorded a 22 per cent decline in revenues in H1 2020, posting Dhs9.032bn ($2.459bn) from Dhs11.6bn during H1 2019.

Meanwhile, Emaar's half-yearly property sales totalled Dhs5.120bn ($1.394bn).

Mohamed Alabbar, founder of Emaar, said: “Our performance in the first half of 2020 has demonstrated our fundamental ability to retain strength and act with agility and speed in the face