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Emaar cashes in on property comeback
Developer announces 50 per cent hike in Q3 profits.
October 24, 2013 5:44 by kippreport
Emaar Properties recorded net profit of AED581 million in Q3 2013 (July to September) – 50 per cent higher than the AED387m earned in the same period last year.
Revenue for Q3 2013 is AED2.347 billion, which is 43 per cent more than last year’s third-quarter revenue of AED1.639bn, the company announced today.
Dubai’s largest developer recorded net profit of more than AED1.8bn during the first nine months of 2013, which is 13 per cent higher than last year.
Revenue for the first nine months of the year is AED7.566bn, 36 per cent higher than last year’s AED5.560bn.
According to a statement from the developer of the Burj Khalifa, these figures have been led by the positive performance of its real estate, retail, hospitality and leisure businesses. Its international operations contributed AED770m– ten per cent of the total revenue.
Mohamed Alabbar, chairman of Emaar Properties, says that the company’s strong performance is a testament to the positive growth recorded by Dubai. In August, it announced the doubling of its revenue from housing and land sales in Q2 2013.
Earlier this month, Emaar Properties and Dubai Holding – a conglomerate owned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced plans to restart construction works on The Lagoons – a mega real estate project that was first announced in 2008, but was stalled by Dubai’s property crash. The six million-square metre development will feature a business district, residential units and hotels.