Emaar Properties reports record net profit
In a significant growth period marked by the launch of prestigious real estate projects and new hotel brands and the robust performance of its shopping mall business in its home market of Dubai, Emaar Properties PJSC, the global property developer, recorded first-half 2013 (January to June) net profit of AED 1.231 billion ($335 million) similar to the first-half 2012 net profit of AED 1.220 billion ($332 million).
The revenue for the first six months of the year is AED 5.219 billion ($1.421 billion), which is 33 per cent higher than the revenue of AED 3.921 billion ($1.068 billion) recorded during the same period last year.
The net profit for the second quarter of 2013 (April to June) is AED 675 million ($184 million), 21 per cent higher than the net profit during the first quarter (January to March) of the year at AED 556 million ($151 million), and 10 per cent more than the second quarter 2012 net profit of AED 614 million ($167 million).
Revenue for the period from April to June 2013 is AED 3.109 billion ($846 million), 47 per cent higher than the first quarter 2013 revenue of AED 2.110 billion ($574 million), and 48 per cent more than the second quarter 2012 revenue of AED 2.100 million ($572 million).
The hospitality & leisure and shopping malls & retail businesses of Emaar recorded total revenues of AED 2.326 billion ($633 million), 45 per cent of the total revenue, while the contribution of international operations to the half-year 2013 revenue was AED 526 million ($143 million), 10 per cent of the total revenue. ■