Emaar Properties PJSC has posted H1 2015 net profit of $600m, up 12% YoY, with revenues of $1.769bn, up 13% YoY.
Emaar’s retail, shopping and hospitality operations were responsible for the steep increase contributing $790m, which stands at 45% of the total.
The recurring revenue from these businesses is 10 per cent higher than H1 2014 revenue of $ 721 million. Average occupancy in the flagship Address Hotels + Resorts stood at 87%; near identical to the same period last year. Emaar Malls, which includes The Dubai Mall, its flagship mall and the world’s largest retail and entertainment destination, welcomed over 62 million visitors during the first six months of 2015, 11 per cent higher than during the same period last year.
Emaar’s international revenues during H1 2015 stood at $ 319 million, representing 18% of the total revenue. International revenues during H1 2015 were 36% higher than the same period last year.
Mohamed Alabbar, chairperson of Emaar Properties, said: “The positive performance of Emaar is led by our deep-rooted commitment to create sustained value for our stakeholders. It reflects the success of our strategic approach of building value by monetising core performing businesses and international operations as well as strengthening our high-performing subsidiaries. Our credentials in quality project execution and timely delivery have been our strong-points, especially with the maturing of our home market in Dubai driving end-user demand towards Emaar projects as the most trustworthy in the market.
“Emaar’s success also mirrors the ambitious strides made by the UAE, under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. As a global hub for business and leisure, the country’s growth is led by its focus on smart innovation and creativity to achieve all-round excellence. These are the values that drive Emaar too, as we develop new smart cities of the future to support the UAE’s preparations to host the Expo 2020 Dubai and contribute to the nation’s economy through our masterplannned communities, malls and hospitality projects.”
Highlights in the statement posted by the Dubai-based global developer, included:
- Net profit for Q2 2015 is AED 1.179 billion (US$ 321 million) higher by 16% as compared to Q2 2014
- Revenue for the first six months of 2015 is AED 6.497 billion (US$ 1.769 billion), 13% growth over H1 2014
- Recurring revenue from shopping malls, retail & hospitality business in H1 2015 is AED 2.9 billion (US$ 790 million), 10% higher than H1 2014
- International real estate revenue increased by 36% in H1, 2015 as compared to same period in 2014
- Successful listing of Emaar Misr on The Egyptian Exchange with IPO oversubscribed 11 times by institutional investors & 36 times by retail investors