Global property developer Emaar Properties PJSC recorded 16% growth in net profit for the first nine months (January-to-September) of 2015 touching $830 million compared to $714 million during the same period last year. Revenues for the first nine months of 2015 were $2.681 billion, recording 25% growth over the same period last year at $2.148 billion.
During the third quarter (July-to-September) of 2015, Emaar recorded net profit of $230 million, 31% higher than Q3 2014 net profit of $176 million. The Q3 2015 revenues were $906 million growing by 56% compared to Q3 2014 revenues of $582 million.
Underlining the strong growth of its shopping malls, retail and hospitality business, recurring revenues for the first nine months of 2015 grew to $1.142 billion, 10% higher than $1.037 billion during same period last year. This represents 43% of the total revenues during the first nine months of 2015.
“The robust performance of Emaar highlights the success of our strategy to develop exceptional real estate assets in our home market of Dubai and other key international markets with a focus on ensuring the highest standards of build quality and service excellence,” says Mohamed Alabbar, chairman of Emaar Properties.
“In Dubai, our operations are aligned with the Dubai Plan 2021 vision outlined by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president & prime minister and ruler of Dubai, to build a smart and sustainable city that will be the preferred place to work, live and visit.”
The hospitality and leisure business of Emaar recorded revenues of $326 million during the first nine months of the year, exactly similar to revenues during the same period last year at $326 million. Hospitality revenues now account for 12% of the total revenue.
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of $332 million during the first nine months of 2015, which is 30% higher compared to the same period last year. The Dubai Mall, Emaar’s flagship mall, welcomed over 90 million visitors during the said period, 11% higher than the same period last year.
“Our commitment is to create long-term value for our stakeholders. The strong recurring revenue streams and international operations position us as a well-diversified entity with strong financial fundamentals. With Dubai now welcoming the festive season that further energises the tourism and hospitality sectors, we are confident of closing the year on a robust and positive note,” Alabbar adds.
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