Global developer Emaar Properties PJSC recorded full-year 2015 net operating profit of AED4.383 billion ($1.193 billion), 18 percent higher than the FY2014 net operating profit of AED3.724 billion ($1.014 billion).
Emaar achieved full-year 2015 revenue of AED13.661 billion ($3.719 billion). This is 33 percent higher than FY2014 revenues of AED10.301 billion ($2.805 billion).
The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED5.788 billion ($1.576 billion), 42 percent of the total revenue. This is 8 percent higher than the FY2014 revenue from the two businesses at AED5.367 billion ($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 percent to AED2.620 billion ($713 million) compared to AED1.791 billion ($488 million) in FY2014. Emaar's international operations now account for 19 percent of the total revenue.
Emaar's net operating profit for the final quarter (October to December) 2015 was AED1.335 billion ($363 million), 58 percent higher than the third-quarter (July to September) 2015 figures of AED843 million ($230 million) and 28 percent higher than same period last year. Revenue for Q4 2015 was AED3.812 billion ($1.038 billion), 15 percent more than the Q3 2015 revenue of AED3.329 billion ($906 million) and 58 percent higher than same period last year.
Mohamed Alabbar, Chairman of Emaar Properties, said 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 optimization and by focusing on maximising efficiency across all our operations, we will continue to build on our growth during 2016," added Alabbar.
During 2015, demand for residential property in Dubai has been strong with total sales at AED10.23 billion ($2.79 billion). Sales across various international markets during the same period were valued at AED5.05 billion ($1.37 billion).
Emaar Misr, the Egyptian subsidiary of Emaar Properties, which is listed on The Egyptian Exchange, achieved an increase of 22 percent in year-on-year sales in 2015 to EGP 8.644 billion ($1.108 billion).
To date, Emaar has handed over more than 40,000 residential units in Dubai and other international markets. Of these, to date, over 33,600 units were handed over in Dubai.
Through 2015, Emaar marked the launch of several prestigious projects in Dubai including Dubai Creek Residences, Creekside 18 and Harbour Views within Dubai Creek Harbour, a 6 sq km ultra-modern development located along the historic creek and near the Dubai International Airport. With spectacular views of the Dubai Creek, the Ras Al Khor Wildlife Sanctuary and the Downtown Dubai skyline, the development is anchored by The Island District with a 4.5 km boardwalk, a vibrant retail and leisure precinct, and a new iconic structure.
© The Saudi Gazette 2016
