Emaar net rises 13% to Dh1.8bn

Led by the positive performance of its real estate, shopping malls, retail, hospitality and leisure businesses, Emaar Properties PJSC recorded a net profit of Dh1.812 billion ($493 million) during the first nine months (January to September) of 2013. This is 13 per cent higher than the net profit of Dh1.607 billion ($438 million) recorded during the same period last year.

The revenue for the first nine months of 2013 was Dh7.566 billion ($2.060 billion), 36 per cent higher than the revenue of Dh5.560 billion ($ 1.514 billion) during the same period in 2012.

The net profit for the third quarter (July to September) of 2013 was Dh 581 million ($158 million), 50 per cent higher than the third quarter 2012 net profit of Dh387 million ($105 million).

Revenue for the third quarter 2013 was Dh2.347 billion ($ 639 million), which is 43 per cent more than the third-quarter 2012 revenue of Dh1.639 billion ($446 million).

Emaar continued to strengthen recurring revenues from its shopping malls and retail and hospitality and leisure businesses, which together contributed Dh3.356 billion ($914 million), or 44 per cent of the total revenue in the first nine months of 2013. The international operations of Emaar contributed Dh770 million ($210 million), 10 per cent of the total revenue during the same period.

Driving the success of Emaar in the shopping mall and retail business, its flagship mall asset, Dubai Mall recorded a visitor footfall of more than 55 million during the first nine months of 2013, an increase of 24 per cent compared to the 44.5 million visitors hosted by the mall during the same period last year.

Mohamed Alabbar, Chairman of Emaar Properties, said, "Emaar’s strong performance across all its core businesses is a testament to the positive growth recorded by Dubai. Emaar’s proven project development competencies make us a trusted partner in achieving the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as one of the Top 10 global cities by 2020."

He added, "Our new developments in real estate, malls, and hospitality underline our strategic approach to supporting Dubai’s all-round growth. Over the past nine months, we have entered into joint venture agreements with large government companies such as Dubai Holding and Meraas Holding to develop mega-projects in Dubai that will catalyse the economy.

"Emaar’s newly unveiled projects such as The Opera District in Downtown Dubai aim to define the city as a cultural and touristic hub, while our investments in shopping mall assets will further energise the retail sector. In the hospitality business, we have not only launched luxurious serviced residences and premium hotels but also trendy and affordable hotels to complement the Dubai Tourism Vision 2020 to welcome over 20 million visitors by the turn of the decade.


 

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