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Emaar Properties net profit $699 million

Staff writer |
Emaar Properties recorded full-year 2013 net profit of AED 2.568 billion ($699 million). This is 21 percent higher than the FY 2012 net profit of AED 2.119 billion ($577 million).

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Annual revenue for 2013 reached AED 10.328 billion ($2.812 billion), 25 percent increase on 2012 revenues of AED 8.240 billion ($2.243 billion).

This strong performance was underlined by recurring revenues from the company's shopping malls & retail and hospitality & leisure business units, which together contributed AED 4.8 billion ($1.307 billion) to FY 2013 revenue, or 46 percent of the total. This is an increase of 17 percent in from the revenues from the two businesses during 2012, which accounted for AED 4.096 billion ($1.115 billion).

Emaar's property business generated total revenue at AED 5.528 billion ($1.505 billion). Revenues from the company's global operations in 2013 were AED 1.167 billion ($318 million), representing 11 percent of the total revenue.

Fourth quarter (October to December) revenues reached AED 2.762 billion ($752 million), an 18 percent increase compared to the previous quarter of AED 2.347 billion ($639 million).

Net profit for the fourth quarter totalled AED 756 million ($206 million), 30 percent more than the net profit for the third quarter 2013 of AED 581 million ($158 million) and 48 percent higher than the fourth quarter 2012 net profit of AED 512 million ($139 million).

Emaar's leasing & retail business recorded a total revenue of AED 3.285 billion ($894 million) in 2013. This is 21 percent higher than the 2012 shopping malls & retail revenue of AED 2.719 billion ($740 million).

Driving this growth, The Dubai Mall, Emaar's flagship mall, welcomed over 75 million visitors, a growth of 15 percent over 2012. The mall's 1,200 plus retail outlets recorded a 26 percent rise in sales during 2013 compared to the previous year. According to market estimates, more than 50 percent of all luxury goods sold in Dubai are purchased at the mall.

With a portfolio of 12 hotels and resorts consisting of over 1,900 rooms, Emaar's hospitality & leisure business recorded revenues of AED 1.515 billion ($412 million) in 2013. This is 10 percent higher than the 2012 revenue of AED 1.377 billion ($375 million). The Address Hotels + Resorts maintained an average occupancy of 84 percent during 2013, similar to that in 2012.

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