JEDDAH —Global property developer Emaar Properties PJSC recorded a growth in net profit of 16 percent for the first nine months (Jan. to Sept) 2015 to AED3.048 billion ($830 million) compared to AED2.622 billion ($714 million) during the same period in 2014.
Revenues for the first nine months of 2015 were AED9.849 billion ($2.681 billion), a growth of 25 percent over the same period last year at AED7.888 billion ($2.148 billion).
During the third quarter (July to Sept) of 2015, Emaar recorded a net profit of AED843 million ($230 million), 31 percent higher than Q3 2014 net profit of AED645 million ($176 million). Q3 2015 revenues were AED3.329 billion ($906 million) growing by 56 percent compared to Q3 2014 revenues of AED2.136 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 AED4.194 billion ($1.142 billion), 10 percent higher than AED3.808 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 AED1.734 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.
Mohamed Alabbar, Chairman of Emaar Properties, said: “The robust performance of Emaar highlights the success of our strategy to develop exceptional real estate assets in our home market of Dubai and other key international markets with a focus on ensuring the highest standards of build quality and service excellence.”
“In Dubai, our operations are aligned with the Dubai Plan 2021 vision outlined by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to build a smart and sustainable city that will the preferred place to work, live and visit. Our projects, including joint venture initiatives, create smart cities of the future that also support the ongoing preparations to host Expo 2020 Dubai, which serves as a growth catalyst for the economy.”
He added: “Our commitment is to create long-term value for our stakeholders.”
