WAM DUBAI, 17th February, 2014 (WAM) — Led by Dubai’s robust economic growth and surging investor confidence, Emaar Properties PJSC recorded full-year 2013 net profit of AED 2.568 billion (US$ 699 million).
This is 21 per cent higher than the FY 2012 net profit of AED 2.119 billion (US$ 577 million). Annual revenue for 2013 reached AED 10.328 billion (US$ 2.812 billion), 25 per cent increase on 2012 revenues of AED 8.240 billion (US$ 2.243 billion).
This strong performance was underlined by recurring revenues from the company’s shopping malls ‘&’ retail and hospitality ‘&’ leisure business units, which together contributed AED 4.8 billion (US$ 1.307 billion) to FY’13 revenue, or 46 per cent of the total. This is an increase of 17 per cent in from the revenues from the two businesses during 2012, which accounted for AED 4.096 billion (US$ 1.115 billion).
Emaar’s property business generated total revenue at AED 5.528 billion (US$ 1.505 billion). Revenues from the company’s global operations in 2013 were AED 1.167 billion (US$ 318 million), representing 11 per cent of the total revenue.
Fourth quarter (October to December) revenues reached AED 2.762 billion (US$ 752 million), an 18 per cent increase compared to the previous quarter of AED 2.347 billion (US$ 639 million).
Net profit for the fourth quarter totalled AED 756 million (US$ 206 million), 30 per cent more than the net profit for the third quarter 2013 of AED 581 million (US$ 158 million) and 48 per cent higher than the fourth quarter 2012 net profit of AED 512 million (US$ 139 million).
Mohamed Alabbar, Chairman of Emaar Properties, said: “One of the defining aspects of Emaar’s strong financial performance in 2013 is the positive contribution of our developments to the local economy. Downtown Dubai, our flagship mega-development, has energised the property, retail, tourism and hospitality sectors, in addition to creating over 50,000 jobs since its launch. Emaar’s fundamental financial strength is underscored by our diversified growth model, with the shopping malls and hospitality business contributing significantly to the total revenue.
“With the economy gaining further traction following the successful bid by the UAE to host the World Expo 2020 in Dubai, the city is entering a new phase of dynamic growth. His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has outlined a clear development strategy for the city. Emaar will complement this through our focus on developing integrated neighbourhoods that meet Dubai’s future needs including the world-class infrastructure for hosting World Expo 2020. Our strong pipeline of projects, which reflect our commitment to creating long-term value for our stakeholders, will serve as a key growth driver for the company and for Dubai.” -more- WAM/Hazem/AAMIR