Emaar Properties has announced H1 revenues of $2.45 billion and more than $544.4 million in net profit.

In a statement, the Dubai-based real estate developer said the Coronavirus panademic was creating volatility in the market and that it was implementing steps to mitigate the impact.

Announcing the financial results for the period till June 30, it added that Emaar Development revenue stood at $1.31 billion in H1 2020, with a half-yearly net profit of $282 million.

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.

Until June this year, Emaar’s delivery track record included 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, the statement added.