Emaar Q3 profit tops $158 million; up 50pc
Dubai, October 24, 2013
Emaar Properties, Dubai's largest property firm, made Dh581 million ($158.18 million) in the quarter ending Sept 30 compared with Dh387 million in the corresponding period in 2012, marking a higher-than-expected 50 per cent rise.
The jump in the net profit was driven by growth in its hotels, malls and real estate businesses said the builder of the world's tallest tower, the Burj Khalifa, in a statement on Dubai's bourse on Thursday.
This is well ahead of estimates by seven analysts polled by Reuters who predicted an average net profit of Dh449.9 million.
Revenue for the quarter was Dh2.35 billion, up 43 per cent from Dh1.64 billion in the same period last year.
The revenue for the first nine months of 2013 is Dh7.566 billion ($2.060 billion), 36 per cent higher than the revenue of Dh5.560 billion ($1.514 billion) during the same period in 2012.
Revenue for the third quarter 2013 is Dh2.347 billion ($639 million), which is 43 per cent more than the third-quarter 2012 revenue of Dh1.639 billion ($446 million).
Emaar continued to strengthen recurring revenues from its shopping malls & retail and hospitality & leisure businesses, which together contributed Dh3.356 billion ($914 million), 44 per cent of the total revenue in the first nine months of 2013. The international operations of Emaar contributed Dh770 million ($210 million), 10 per cent of the total revenue during the same period.
Mohamed Alabbar, chairman of Emaar Properties, said: “Emaar’s strong performance across all its core businesses is a testament to the positive growth recorded by Dubai. Our new developments, in real estate, malls, and hospitality, underline our strategic approach to supporting Dubai’s all-round growth. Over the past nine months, we have entered into joint venture agreements with large Government companies such as Dubai Holding and Meraas Holding to develop mega-projects in Dubai that will catalyse the economy.” - TradeArabia News Service and Reuters