Emaar revenues surge 33%

Dubai - Property firm records Dh15.28 billion total sales in 2015

 Emaar Properties on Wednesday said its 2015 revenues surged 33 per cent to Dh13.66 billion while net operating profit soared 18 per cent at Dh3.72 billion due to growth in its key businesses.
In a statement, builder of the world's tallest tower said shopping malls and retail business as well as hospitality and leisure division recorded Dh5.78 billion recurring revenues, 42 per cent of the total revenue and reflecting an increase of eight per cent compared to Dh5.367 billion in the corresponding period.
The property firm declared a net profit of Dh1.03 billion in October-December 2015 quarter as against Dh1.05 billion in same quarter a year earlier, according to the statement. An analyst had SICO Bahrain had forecast Dh1.08 billion fourth-quarter profit in 2015.
Net operating profit in 2015 fourth quarter surged 58 per cent to Dh1.335 billion if compared to July to September 2015 figures of Dh843 million. Year-on-year operating profit in October-December 2015 quarter climbed 28 per cent while year-on-year fourth-quarter revenue advanced 58 per cent.
Strong property demand
Global property developer said demand for residential property in Dubai remained strong in 2015 with total sales at Dh10.23 billion while transactions across various international markets valued at Dh5.05 billion last year. Total sales value of residential units amounted at Dh15.28 billion in 2015.
The property giant has handed over more than 40,000 residential units in Dubai and other international markets. Dubai remained a key market in terms of delivery of new residential as over 33,600 units were handed over in the emirate.
Mohamed Alabbar, Chairman of Emaar Properties, said that the positive growth is underpinned by Emaar's strategy of creating long-term value for its stakeholders by developing premium real estate assets and strengthening its shopping malls and hospitality businesses which provide a recurring revenue stream that supports the company's sustainable growth plan.
"Our businesses benefited from the positive performance of Dubai's economy with the core sectors of retail, hospitality, tourism and aviation setting impressive milestones in 2015," Alabbar said.
Revenue from international operations of Emaar, which has an impressive footprint across the Middle East, North Africa, South Asia and USA increased by 46 per cent last year to Dh2.620 billion compared to Dh1.791 billion in 2014.
Emaar Misr, the Egyptian subsidiary of Emaar Properties, achieved an increase of 22 per cent in year-on-year sales to 8.644 billion Egyptian pound last year. Emaar's international operations now account for 19 per cent of the total revenue.
"The expansion of our flagship Downtown Dubai, which will see the opening of Dubai Opera this year, and our joint venture mega-developments such as Dubai Creek Harbour and Dubai Hills Estate, will further contribute to the smart and sustainable urban infrastructure of the city," Alabbar said.
- muzaffarrizvi@khaleejtimes.com