Global developer Emaar Properties records net operating profit of $1.193 billion in FY 2015
Global developer Emaar Properties PJSC announced that it has recorded full-year 2015 net operating profit of AED 4.383 billion (US$ 1.193 billion).Emaar has raised its profit by 18 per cent in 2015 from AED 3.724 billion (US$1.014 billion) in FY 2014.
The total revenue increased by 33 percent in 2015 compared to the last year from AED 10.301 billion (US$ 2.805 billion) to AED 13.661 billion (US$ 3.719 billion).
The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue. This is 8 per cent higher than the FY2014 revenue from the two businesses at AED 5.367 billion (US$ 1.461 billion).
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 to AED 2.620 billion (US$ 713 million) compared to AED 1.791 billion (US$ 488 million) in FY2014. Emaar’s international operations now account for 19 per cent of the total revenue.
Emaar’s net operating profit for the final quarter (October to December) 2015 was AED 1.335 billion (US$ 363 million), 58 per cent higher than the third-quarter (July to September) 2015 figures of AED 843 million (US$ 230 million) and 28 per cent higher than same period last year. Revenue for Q4 2015 was AED 3.812 billion (US$ 1.038 billion), 15 per cent more than the Q3 2015 revenue of AED 3.329 billion (US$ 906 million) and 58 per cent higher than same period last year.
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 & 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. We will continue to support the goals of Dubai Plan 2021 announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, to establish Dubai as the preferred place to live, work and visit. 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.”
“Our diversified development approach and the emphasis we place on world-class project management enable us to address market challenges efficiently. Through resource use optimisation and by focusing on maximising efficiency across all our operations, we will continue to build on our growth during 2016,” added Mr. Alabbar.
Source : https://www.emaar.com