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Emaar Properties PJSC, the global developer of iconic projects, reported a net operating profit of Dhs1.22bn ($332m) for the first six months of 2012, 45% more than the half year 2011 net operating profit of Dhs843m ($230m). The revenue for the first six months of 2012 was Dhs3.921bn ($1.068bn), similar to the revenue for the same period in 2011.
The company’s net operating profit for the second quarter (April to June) of 2012 was Dhs614m ($167m), an increase of 45% over the second quarter 2011 net operating profit of Dhs422m ($115m).
Revenue for the second quarter of 2012 was Dhs2.1bn ($572m), 15% higher than the revenue of Dhs1.821bn ($496m) recorded in the first three months of the year.
Mohamed Alabbar, Chairman, Emaar Properties, said: “The real estate market in Dubai is turning around, led by the robust performance of key growth sectors including aviation, retail, hospitality, tourism and foreign trade. The city’s appeal to high net worth individuals as the ideal destination for a home is also gaining strength. Emaar’s financial results for the first half of the year reflects the growing strength of Dubai’s economy, led by the strategic initiatives outlined by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai.