Dubai – Mubasher: Emaar Development on Monday posted a 68% year-on-year net profit hike during the first six months of 2018, recording AED 1.82 billion ($496 million).

The company’s revenue skyrocketed 119% in H1-18, registering AED 6.99 billion versus AED 3.19 billion in the year-ago period, according to a bourse statement.

In the first half of the year, Emaar Development’s total sales hit AED 6.23 billion, the Dubai-listed developer revealed. 

The subsidiary of Emaar Properties has opened and launched various projects from January to the end of June 2018, with others underway.

“Emaar’s residential destinations city hubs of the future with their exceptional location, build quality, spectacular views, and the lifestyle amenities we offer in our integrated developments,” Mohamed Alabbar chairman of Emaar Properties and Emaar Development commented.  

Emaar Development’s net profit ballooned to AED 997 million in the three-month period ended 30 June, 73% up from the comparative period in 2017, the company’s data showed.

Revenue soared 145% year-on-year in Q2-18, reaching AED 3.72 billion, Emaar announced. 

“We will continue to seek opportunities for developing property assets that create long-term value for our stakeholders,” Alabbar said.