Retail, hospitality boost numbers for Emaar Properties in 2013

RetailME Bureau

Retail and hospitality accounted for 46% of Emaar Properties 2013 revenues, with the company’s net profit for the year totalling AED2.56 billion against Dh2.11 billion a year earlier, on revenues of AED10.32 billion (AED8.24 billion in 2012). There were sequential gains as well, with revenues in the fourth quarter at AED2.76 billion, 18% higher than the AED2.34 billion in the third quarter.

Retail (inclusive of the malls) and hospitality grossed AED4.8 billion last year, up by 17% from 2012’s AED4.09 billion. The Dubai Mall’s 1,200-plus outlets recorded a 26% rise in sales during 2013 over the previous year. Its 12 hotels brought in revenues worth AED1.515 billion, up 10%.

The company’s core property operations generated AED5.53 billion in revenues, while there was also upbeat numbers from non-UAE operations, which now make up 11% (AED1.16 billion) of overall turnover. The value of unit sales in Dubai is AED12 billion, nearly three times compared to 2012 sales.