Emaar Properties registers first-half 2013 net profit


July 30, 2013 | By RetailME Bureau

Global property developer Emaar Properties PJSC recorded net profit of $335 million in the first half of 2013 (January to June) similar to the first half of 2012 net profit of $332 million. This has been facilitated by the launch of prestigious real estate projects and new hotel brands and the robust performance of its shopping mall business in its home market of Dubai.

The revenue for the first six months of the year is $1.4 billion, which is 33% higher than the revenue of $1.1 billion recorded during the same period last year. The net profit for the second quarter of 2013 (April to June) is $184 million, 21% higher than the net profit during the first quarter (January to March) of the year at $151 million, and 10% more than the second quarter 2012 net profit of $167 million. Revenue for the period from April to June 2013 is $846 million, 47% higher than the first quarter 2013 revenue of $574 million, and 48% more than the second quarter 2012 revenue of $572 million. The hospitality and leisure and shopping malls and retail businesses of Emaar recorded total revenues of $633 million, 45% of the total revenue, while the contribution of international operations to the half-year 2013 revenue was $143 million, 10% of the total revenue.

Mohamed Alabbar, Chairman of Emaar Properties, said: “Our significant growth in the first half of the year is a strong reflection of the positive environment that our home market of Dubai offers by serving as a global business and leisure hub. We draw on the dynamism of the city, led by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum – vice president of the UAE and prime minister and ruler of Dubai – to further reiterate our world-class competencies in our three core business segments of property development, hospitality and shopping malls.”

The shopping malls and retail business of Emaar recorded total revenue of $423 million during the first half of 2013, which is 20% higher than the first half 2012 sector revenue of $352 million. Driving the shopping mall’s impressive growth was the sustained growth of The Dubai Mall, which welcomed more than 38 million visitors in the first six months of the year, 23% higher than 31 million visitors during the same period last year. Emaar is now expanding The Dubai Mall’s dedicated Fashion Avenue with a one million sqft expansion that will add new and personalised flagship stores of the world’s most renowned brands. The overall expansion will also bring in other high-end lifestyle and entertainment brands to The Dubai Mall.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau
Lulu Hypermarket to open in The Dubai Mall in 2023

Abu Dhabi-based supermarket chain Lulu Hypermarket is all set to open in 

Continue Reading

November 10, 2022 | By Rupkatha B
Beyond Meat’s Q3 2022 results “disappointing”

Plant-based meat brand Beyond Meat’s financial results for the third quarter of 

Continue Reading

November 10, 2022 | By RetailME Bureau
Barakat unveils new biodegradable packaging

UAE’s fresh produce brand Barakat has launched bio-degradable packaging across its entire 

Continue Reading

October 27, 2022 | By RetailME Bureau
Pure Harvest CEO Sky Kurtz

UAE-based agritech start-up Pure Harvest Smart Farms has signed a Memorandum of 

Continue Reading

October 27, 2022 | By RetailME Bureau
Carrefour signed up as anchor tenant for Midtown Project

Carrefour, owned and operated by Majid Al Futtaim – Retail in the 

Continue Reading

October 27, 2022 | By RetailME Bureau
Grandiose Supermarket announces country-wide expansion plans

Grandiose Supermarket, part of Ghassan Aboud Group, has announced expansion plan in 

Continue Reading

October 26, 2022 | By Rupkatha B
100 years of Valrhona

The Valrhona journey began 100 years ago with a cocoa bean. Since 

Continue Reading

October 24, 2022 | By Justina Eitzinger
On-demand grocery delivery in 15 mins

Deliveroo UAE has announced the expansion of its rapid grocery delivery service 

Continue Reading

October 24, 2022 | By RetailME Bureau
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment

The Ministry of Climate Change and Environment (MOCCAE) revealed that the UAE 

Continue Reading

October 17, 2022 | By RetailME Bureau

Abu Dhabi-based leading supermarket chain Lulu Group has appointed investment bankers Moelis 

Continue Reading

October 13, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine