Emaar Properties records US$332 million net profit

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Emaar Properties PJSC has reported a net operating profit of AED1.22 billion (US$332 million) for the first six months of 2012, 45% more than the half year 2011 net operating profit of AED843 million (US$230 million). The revenue for the first six months of 2012 was AED3.921 billion (US$1.068 billion), similar to the revenue for the same period in 2011.

 The company’s net operating profit for the second quarter (April to June) of 2012 was AED614 million (US$167 million), an increase of 45% over the second quarter 2011 net operating profit of AED422 million (US$115 million).

Revenue for the second quarter of 2012 was AED2.1 billion (US$572 million), 15% higher than the revenue of AED1.821 billion (US$496 million) recorded in the first three months of the year.

Mohamed Alabbar, chairman, Emaar Properties, said: “The real estate market in Dubai is turning around, led by the robust performance of key growth sectors including aviation, retail, hospitality, tourism and foreign trade.”

Emaar Hospitality Group, the hospitality & leisure business subsidiary of Emaar Properties, recorded revenue of AED720 million (US$196 million) during the first six months of 2012 with an average occupancy of 89% at its flagship Address Hotels + Resorts during the period. Emaar Hospitality Group has now acquired the management of its Al Manzil and Qamardeen hotels in Downtown Dubai, bringing the total number of hotels under its direct management in Dubai to eight, in addition to Armani Hotel Dubai and Armani Hotel Milano.

He further added, “To add long-term value, we are planning on bigger growth with projects such as the Dubai Modern Art Museum & Opera House District, and the expansion of The Dubai Mall, in addition to new project launches.”

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