Dubai’s Emaar Properties recorded a net profit of AED 2.475 billion ($674 million) in the first six months on 2015, compared to AED 2.205 billion in the same half of the previous year, marking a 12% increase, according to Albawaba.
The top developed also posted an 8% year-over-year increase in quarterly net profit, recording a profit of AED 1.27 billion in the second quarter of 2016, compared to AED 1.18 billion the previous quarter, according to Reuters.
The revenues of the company behind the world’s tallest tower in H1 of 2016 were divided as follows: AED 2.916 billion, or 40%, from hospitality and leisure; AED 1.032 billion from global operations, accounting for 14% of total revenues; with AED 10.44 billion in sales and a backlog of AED 45.90 billion.
In addition to Burj Khalifa, the company, in which the Dubai government owns a minority stake, has countless investments in retail, hospitality, residential developments.
It also has a number of prominent development projects through its Egyptian subsidiary, Emaar Misr, such as Uptown Cairo, Marassi, and Mivida.
Mohamed Alabbar, the Chairman of Emaar Properties, had previously contracted with the Egyptian government for the development of the New Administrative Capital, but the deal has since been suspended.