Emaar Properties records 2012 net profit of AED 2.119 billion

WAM Dubai, Jan 31th, 2013 (WAM)–Emaar Properties PJSC, the global property developer of iconic assets, recorded full-year 2012 net profits of AED 2.119 billion (US$ 577 million). This is 18 per cent higher than the full-year 2011 net profit of AED 1.794 billion (US$ 488 million).

Annual revenues for 2012 reached AED 8.240 billion (US$ 2.243 billion), similar to the 2011 revenues of AED 8.112 billion (US$ 2.209 billion).

Reflecting the success of the company’s focus on strengthening its recurring revenue streams, Emaar’s shopping malls ‘&’ retail and hospitality ‘&’ leisure businesses contributed AED 4.096 billion (US$ 1.115 billion) to the full-year revenue, representing 50 per cent of the total.

The contribution of Emaar’s international operations to the total revenue was AED 1.264 billion (US$ 344 million), representing 15 per cent of the total revenue. International revenues were reinforced by the handover of homes and offices in Turkey, Lebanon, Saudi Arabia, Egypt and Pakistan, among other markets.

The fourth quarter (October to December) 2012 revenues reached AED 2.680 billion (US$ 730 million), 64 per cent more than the third-quarter (July to September) 2012 revenues of AED 1.639 billion (US$ 446 million). Net profit for the last quarter of 2012 was AED 512 million (US$ 139 million), 32 per cent higher than the third-quarter 2012 net profit of AED 387 million (US$105 million).

Mohamed Alabbar, Chairman of Emaar Properties, said: “Last year was one of transformation, for Emaar Properties, Dubai and a number of the international markets that we serve. With Dubai restating its credentials as a global business and tourism hub, Emaar capitalised on the city’s resurgence by investing in creating prime real estate assets and strengthening our shopping malls and hospitality businesses.

“Our inspiration has been and continues to be the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, which emphasises the continued expansion of the core sectors of tourism, retail and hospitality,” he added.

Alabbar said that the company’s growth outlook for 2013 integrates with its ongoing commitment to support the socioeconomic growth of the countries it operates in, by developing integrated communities that help energise the local economy.

“We have made several significant additions to our property portfolio including the Dubai Modern Art Museum ‘&’ Opera House District in Downtown Dubai, the 1 million sq ft expansion to The Dubai Mall, the extension to Arabian Ranches, new properties in our Address hotels portfolio, and our partnership with Mohammed Bin Rashid City. Our focus on adding value for our stakeholders and creating self-sustaining business entities that contribute to the recurring revenue streams of the company will remain a constant.” In 2012, Emaar’s shopping malls ‘&’ retail business contributed AED 2.719 billion (US$ 740 million) to annual revenues, 27 per cent higher than the 2011 malls ‘&’ retail revenues of AED 2.14 billion (US$ 583 million). This was led by the strong growth in visitor footfall to The Dubai Mall, Emaar’s flagship development, which welcomed over 60 million visitors in 2012 – a growth of over 11 per cent compared to 2011.

WAM/MN

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