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The steady flow of new projects and the response to them has helped Emaar Properties’ net profits swell 16 per cent to Dh3.04 billion for the first nine months of the year, against the Dh2.62 billion in 2014. Revenues for the same period were a substantial Dh9.48 billion, up 25 per cent on the Dh7.88 billion last year.
Key masterplanned developments include Dubai Creek Harbour (at The Lagoons) and Dubai Hills (in MBR City). It is also developing The Opera District in Downtown Dubai, And there are signs that the developer is benefiting from its overseas operations, which contributed Dh1.73 billion and 18 per cent of the total. This is 21 per cent higher than the comparable 2014 tally.
Total sales during the first nine months were Dh7.51 billion, while those from its international projects were Dh3.92 billion.
Specific to the third quarter operations, Emaar’s net profits were Dh843 million, down 28 per cent on the Dh1.17 billion reported for the second quarter. But on a year-on-year basis, the Q3-15 numbers were up 31 per cent (Dh645 million).
The revenues for the latest quarter were Dh3.32 billion — up by 56 per cent compared to Q3-2014’s Dh2.13 billion. But on a quarter-on-quarter basis, there was a 5 per cent drop from Q2-15’s Dh3.49 billion.
Its malls, retail and hospitality portfolio helped with recurring revenues of Dh4.19 billion, 10 per cent over the Dh3.8 billion last year. This is 43 per cent of the total revenues during the first nine months of 2015.
Emaar has assets valued at Dh156 billion plus and a land bank of 195 million square metres in Dubai and overseas markets.
“Our commitment is to create long-term value and the strong recurring revenue streams and international operations position us as a well-diversified entity with strong financial fundamentals,” said Mohammad Alabbar, Chairman. “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.”
Source: Staff Report, gulfnews.com