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The half-year financial results of companies listed on the Dubai Financial Market (DFM) revealed a significant decline in net income in a number of key sectors, including real estate.
The figures compiled by Al-Arabi Al-Jadeed by monitoring the financial information published on Arqaam's specialized financial website show that the net profits of five publicly traded companies fell by a significant percentage, a company recorded losses and only one company reported higher profits.
DAMAC Properties, a developer in Dubai and the Middle East, announced Wednesday its financial results, posting a net profit of 81.6 million AED (22.21 million USD) at the end of the first half of 2019, against a profit of 862 , AED 1 million (224.86 million). Achieved during the same period last year, down 91% of net profit and 49% of revenue.
Arabtec Holding, the largest contracting company of the emirate of Dubai, posted a profit of 57.9 million AED (15.760 million USD), against a profit of 113 million AED (30.757 million USD) for the same period in 2018, a decrease of 49%. %
The results add to the previously reported earnings decline of listed companies Emaar recorded a decline of 3.74% in the first half, Emaar Development of 23.91% and Deyaar of 43.75%.
Union Properties did not make any profit in the first half of 2019, but recorded a loss of 82.30 million AED, compared with a profit of 207.42 million AED for the same period in 2018, a net profit of 139 , 68%. Emaar Malls, the only company to record an increase in profits, increased by 2.54%.
In calculating the consolidated net profit of the seven companies listed on the Dubai financial market in the first half of this year, Al Arabi Al Jadeed recorded AED 5,715.9 million (US $ 1.555 billion), compared to AED 7.232.09 million (US $ 1.986 million). billion USD) in the first half. The first of 2018, a decrease of $ 413 million, or 20.96 percent.
The real estate sector of the emirate of Dubai is suffering from a recession and a continuing decline in prices. Real estate prices in Dubai have dropped 25% since 2015, with 150,000 jobs in the construction sector having been abandoned in recent years, according to a report from London real estate agency Knight Frank.
Bloomberg "lives and dies in the real estate industry," Bloomberg said in a report. When the housing bubble erupted in 2008, the emirate needed a $ 20 billion bailout from its neighbor Abu Dhabi to cross the default threshold.
SOURCE: Fars News Agency
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