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Emaar Properties saw 16% growth to $830 million

Staff writer |
Global property developer Emaar Properties PJSC recorded a growth in net profit of 16 percent for the first nine months January to September 2015 to AED 3.048 billion ($830 million).

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This compares to AED 2.622 billion ($714 million) during the same period in 2014.

Revenues for the first nine months of 2015 were AED 9.849 billion ($2.681 billion), a growth of 25 percent over the same period last year at AED 7.888 billion ($2.148 billion).

During the third quarter July to September of 2015, Emaar recorded a net profit of AED 843 million ($230 million), 31 percent higher than Q3 2014 net profit of AED 645 million ($176 million).

Q3 2015 revenues were AED 3.329 billion ($906 million) growing by 56 percent compared to Q3 2014 revenues of AED 2.136 billion ($582 million).

Underlining the strong growth of its shopping malls, retail and hospitality business, recurring revenues for the first nine months of 2015 grew to AED 4.194 billion ($1.142 billion), 10 percent higher than AED 3.808 billion ($1.037 billion) during same period last year. This represents 43 percent of the total revenues during the first nine months of 2015.

Emaar’s international operations recorded robust growth with revenues from global operations during the first nine months of 2015 at AED 1.734 billion ($472 million), which is 18 percent of the total revenue.

This is 21 percent more than the revenues from international operations during the same period last year.

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