Emaar posts record profit in January-September 2013
Dubai: Led by the positive performance of its real estate, shopping malls, retail, hospitality and leisure businesses, the United Arab Emirates` (UAE) real estate giant Emaar Properties recorded a net profit of 1.812 billion dirhams (USD 493 million) in the first nine months 2013.
This is 13 percent higher than the net profit of 1.607 billion dirhams (USD 438 million) recorded during the same period last year.
The revenue for the first nine months of 2013 was 7.566 billion dirhams(USD 2.060 billion), 36 percent higher than the revenue of 5.560 billion dirhams (USD 1.514 billion) during the same period in 2012.
The net profit for the third quarter (July to September) of 2013 was 581 million dirhams (USD 158 million), 50 percent higher than the third quarter 2012 net profit of 387 million dirhams (USD 105 million).
Revenue for the third quarter 2013 was 2.347 billion dirhams (USD 639 million), which is 43 percent more than the third-quarter 2012 revenue of 1.639 billion dirhams (USD 446 million).
Emaar continued to strengthen recurring revenues from its shopping malls and retail and hospitality and leisure businesses, which together contributed 3.356 billion dirhams (USD 914 million), or 44 percent of the total revenue in the first nine months of 2013.
The international operations of Emaar contributed 770 million dirhams(USD 210 million), 10 percent 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 percent compared to the 44.5 million visitors hosted by the mall during the same period last year.
"Emaar`s strong performance across all its core businesses is a testament to the positive growth recorded by Dubai," Mohamed Alabbar, chairman of Emaar Properties, said.
"Our new developments, in real estate, malls, and hospitality, underline our strategic approach to supporting Dubai`s all-round growth," he added.