UAE companies report strong revenue growth in first half
UAF firms’ performance in H1 of 2020 has demonstrated their fundamental ability to retain strength.
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 of the challenges presented by Covid-19. Emaar’s performance is a testament to the products we introduce and the people behind these innovations.
“Each year we set the bar higher, raising the expectations across all our businesses to ensure every Emaar touchpoint is met with the same standard of excellence,” he added.
In the meantime, Emaar Development, said revenue stood at Dhs4.818 billion in H1, with half-yearly net profit of Dhs1.036 billion.
Until June this year, Emaar’s delivery track record includes more than 64,700 residential units in Dubai and other international markets, with over 43,500 units delivered in the UAE. Over 29,000 residences are currently being developed in the UAE, alongside 11,000 units across international markets.
ALDAR: Aldar Properties on Thursday reported a 21 per cent year-on-year increase in revenue to Dhs2.01 billion in the second quarter of 2020, due to a strong performance from the development business. According to a press release issued by the company on Thursday, net profit for the second quarter increased 2% from the previous year to Dhs484 million.
Revenue growth was driven by robust demand for its prime developments and infrastructure-enabled land, while Aldar continued to earn steady fee income from its third-party development management business. The Abu Dhabi real estate market is being underpinned by government incentives for home buyers, fiscal stimulus measures and programmes to promote private sector growth.
Talal Al Dhiyebi, Chief Executive Officer of Aldar, said, “Aldar’s highly sustainable and diversified business model is demonstrating strong earnings power even in a challenging global macro-economic environment.
Abu Dhabi’s real estate fundamentals remains well supported. The market benefits from well managed supply and a strong investor base is displaying confidence and fueling demand for quality developments in prime locations. Aldar’s development business had a stand-out quarter, adapting quickly to arrange innovative financing packages and to roll out digital solutions, ensuring service excellence for our customers. This drove growth in revenue and profits, and strong cashflow generation.”
DEYAAR DEVELOPMENT: Deyaar Development, a Dubai-based property developer, announced its financial results for the first half of 2020, reporting revenues of Dhs174.5 million and net profit of Dhs8.5 million for the six months ending June 30, 2020.
In its meeting the company’s board approved the financial statement for the first half ending 30th June 2020.
Saeed Al Qatami, CEO of Deyaar, said, “During the last period, the company was keen to ensure the continuity of its business in various sectors while taking all precautionary measures and complying with the decisions issued by government authorities. The company continued the construction work on its existing projects, in addition to providing all property and facilities management services to our clients, as well as handover of units to the new owners in Midtown project.” Al Qatami added, “In Deyaar, we will continue to work on our projects according to schedule under the current situation.
SHUAA CAPITAL: Shuaa Capital on Thursaday reported a net profit attributable to shareholders of Dhs5 million and an EBITDA of Dhs125 million in the first half of 2020. Excluding unrealised mark-to-market losses on portfolio investments, the H1-2020 net profit came in at Dhs164 million and EBITDA at Dhs284 million, the asset management and investment banking platform said in a statement today. Shuaa’s first half financial results for 2020 affirmed the company’s ability to sustain its resilient revenue growth amidst severe global economic, financial and social impacts of the COVID-19 crisis and other market disruptions.
Commenting on Shuaa’s H1-2020 results, Jassim Alseddiqi, Chief Executive Officer of Shuaa Capital, said: “In this unprecedented time, our first priority was and still is the health and safety of our employees. I am very proud of how our team has responded, by seamlessly transitioning to remote working and by continuing to put our investors and clients at the heart of what we do. The company reported an operating income of Dhs86 million in Q2, 2020, up by 19 per cent quarter-on-quarter, as the Group continues to progress on improving the breadth and quality of its revenues. The company’s operating businesses, asset management and investment banking, showed a strong sequential recovery in profitability in Q2 20 with EBITDA of Dhs41 million and Dhs8 million respectively.
WAM
