Emaar Properties recorded a growth in net profit of 16% for the first nine months (Jan to Sept) 2015 to the tune of US $830 million (AED 3.048 billion) compared to $714 million (AED 2.622 billion) during the same period in 2014.
Revenues for the first nine months of 2015 were $2.681 billion (AED 9.849 billion), a growth of 25% over the same period last year at $2.148 billion (AED 7.888 billion).
During the third quarter (July to Sept) of 2015, Emaar recorded a net profit of $230 million (AED 843 million), 31% higher than Q3 2014 net profit of $176 million (AED 645 million). Q3 2015 revenues were $906 million (AED 3.329 billion) growing by 56% compared to Q3 2014 revenues of $582 million (AED 2.136 billion).
The hospitality and leisure business of Emaar recorded revenues of $326 million (AED 1.199 billion) during the first nine months of the year, similar to revenues during the same period last year at $326 million (AED 1.196 billion). Hospitality revenues now account for 12% of the total revenue.
In addition to The Address Hotels and Resorts and Vida Hotels and Resorts, Emaar will roll out the first property under its third brand, Rove Hotels (a joint venture with Meraas Holding), targeting the mid-market segment. The average occupancy in The Address during the first nine months of 2015 was 84%.
| Advertisement |
Underlining the strong growth of its shopping malls, retail and hospitality business, recurring revenues for the first nine months of 2015 grew to $1.142 billion (AED 4.194 billion), 10% higher than $1.037 billion (AED 3.808 billion) during same period last year. This represents 43% of the total revenues during the first nine months of 2015.
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.”
Search our database of more than 2,700 industry companies
