Emaar Properties records 18% higher full-year 2015 net operating profit

RetailME Bureau

Emaar Properties PJSC has recorded 18% higher full-year 2015 net operating profit of AED4.383 billion ($1.193 billion), compared to FY2014 net operating profit of AED3.724 billion ($1.014 billion).

The global developer achieved full-year 2015 revenue of AED13.661 billion ($3.719 billion), which is 33% higher than FY2014 revenues of AED10.301 billion ($2.805 billion).

The shopping malls, retail, hospitality and leisure businesses recorded recurring revenues of AED5.788 billion ($1.576 billion), 42% of the total revenue. This is 8% higher than the FY2014 revenue from the two businesses at AED5.367 billion ($1.461 billion).

Revenue from international operations of Emaar, which has an impressive footprint across the Middle East, North Africa, South Asia and the US increased by 46% to AED2.620 billion ($713 million) compared to AED1.791 billion ($488 million) in FY2014. Emaar’s international operations now account for 19% of the total revenue.

Emaar’s net operating profit for the final quarter (October-to-December) 2015 was AED1.335 billion ($363 million), 58% higher than the third-quarter (July-to-September) 2015 figures of AED843 million ($230 million) and 28% higher than same period last year. Revenue for Q4 2015 was AED3.812 billion ($1.038 billion), 15% more than the Q3 2015 revenue of AED3.329 billion ($906 million) and 58% higher than same period last year.

“This positive growth is underpinned by Emaar’s strategy of creating long-term value for its stakeholders by developing premium real estate assets and strengthening its shopping malls and hospitality businesses, which provide a recurring revenue stream that supports the company’s sustainable growth plan,” says Mohamed Alabbar, chairman of Emaar Properties.

“Our businesses benefited from the positive performance of Dubai’s economy with the core sectors of retail, hospitality, tourism and aviation setting impressive milestones in 2015. We will continue to support the goals of Dubai Plan 2021 announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president & prime minister and ruler of Dubai, to establish the emirate as the preferred place to live, work and visit. The expansion of our flagship Downtown Dubai, which will see the opening of Dubai Opera this year and our joint venture mega-developments such as Dubai Creek Harbour and Dubai Hills Estate, will further contribute to the smart and sustainable urban infrastructure of the city,” he adds.

“Our diversified development approach and the emphasis we place on world-class project management enable us to address market challenges efficiently. Through resource use optimisation and by focusing on maximising efficiency across all our operations, we will continue to build on our growth during 2016,” Alabbar elaborates.