Record profit of $912 million for Emaar Properties
Underlining the robust performance of its real estate business as well as the strong recurring revenues from its shopping malls, retail and hospitality businesses, Emaar achieved FY 2014 revenues of AED 9.893 billion ($2.693 billion).
Emaar’s shopping malls, retail and hospitality businesses contributed over 54 percent of the total revenue. At AED 5.367 billion ($1.461 billion), it is 12 percent higher than the AED 4.8 billion ($1.307 billion) generated in the previous year.
The company’s international operations also recorded robust growth with FY 2014 revenue at AED 1.899 billion ($517 million), totaling 19 percent of the total revenue. This marks a growth of 63 percent compared to AED 1.167 billion ($318 million) in FY 2013.
Emaar’s fourth-quarter (October to December) 2014 revenue is AED 2.854 billion ($777 million), 44 percent higher than the third-quarter (July to September) 2014 revenue of AED 1.976 billion ($538 million). Net operating profit for Q4 2014 is AED 861 million ($234 million), 14 percent higher than the previous quarter at AED 758 million ($206 million).
Emaar also made history in 2014, distributing a total dividend of AED 17.12 billion ($4.66 billion), which was 250 percent of the par value of shares, following the record-breaking IPO and successful listing of its shopping malls & retail business, Emaar Malls (DFM: EMAARMALLS), on the Dubai Financial Market (DFM).
The property business of Emaar recorded total revenues of AED 4.526 billion ($1.232 billion) in 2014. As of December 2014, Emaar handed over 38,600 residential units including over 22,000 apartments and over 16,600 villas in Dubai and other international markets.
In Dubai alone, the company continues to dominate the property landscape having handed over 33,000 residential units to date, including over 20,500 apartments and around 12,500 villas. Emaar also handed over 2.5 million sq. ft. of commercial real estate across its global markets including more than 1.8 million sq. ft. in Dubai. ■