Emaar net operating profit grows 37%

Emaar net operating profit grows 37%Image Credit: Supplied

Emaar Properties recorded a net operating profit of Dh2.48 billion during the first nine months, which the company attributed to robust financial fundamentals, surging investor confidence and Dubai's strong economic growth. The figure is 37 per cent higher than the net operating profit during the same period last year, which stood at Dh1.81 billion.

The company's third quarter net operating profit reached Dh758 million, 30 per cent higher than last year's Dh581 million.


''This has been a record nine-month performance for Emaar, as we delivered on our promise of strengthening shareholder value,'' said Mohamed Alabbar, Chairman of Emaar Properties. ''We have set an industry milestone by announcing a total dividend of Dh17.12 billion this year through our strategic growth initiatives, including the distributions approved by the shareholders at the beginning of this year and the dividends proposed for distribution before the end of this year.

''The successful listing of our malls business is testament to our vision to develop stand-alone profit centres of our diverse businesses in Dubai and international markets, creating long-term value for our stakeholders.''

Highlighting the successful listing of the company's shopping malls and retail subsidiary on the Dubai Financial Market, Emaar Malls recorded a total revenue of Dh1.89 billion during the first nine months, 27 per cent of Emaar's total revenue and 15 per cent higher than last year's nine-month revenue of Dh1.64 billion.

Flagship asset

The growth in the malls business was underlined by its flagship asset, The Dubai Mall, which welcomed more than 58 million visitors in the first nine months, 5 per cent higher than last year.

Emaar's hospitality and leisure business recorded a nine-month revenue of Dh1.19 billion, 17 per cent of total revenue.

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Source: Property Weekly


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