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Emaar Development's net profits plunge 25% in H1-20

Emaar Development's net profits plunge 25% in H1-20
The developer's property sales reached AED 3.23bn
Emaar Development
EMAARDEV
0.73% 8.26 0.06

Dubai – Mubasher: The net profits of Emaar Development slid by 25% to AED 1.03 billion in the first six months of 2020, compared to AED 1.38 billion in the corresponding months of 2019.

The company's revenues declined by 23% to AED 4.82 billion in the January-June period of 2020, compared to AED 6.24 billion in the year-ago period, according to a press release on Thursday.

The developer's property sales reached AED 3.23 billion ($879 million) in the first half (H1) of 2020.

The founder of Emaar Properties and Emaar Development, Mohamed Alabbar, said: "We have undertaken significant steps to control our cost base, reduce our operational costs, and revisit our talent while maintaining our focus on our quality services."

It is noteworthy to highlight that in 2019, the company's net profits declined by 31% to AED 2.7 billion from AED 3.9 billion in 2018.