Profits soar for Emaar Properties in 2013
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Emaar Properties PJSC reported a net profit of AED 2.568 billion (US$ 699 million) for 2013. This is 21% higher than the FY2012 net profit of AED 2.119 bn (US$ 577 m). Annual revenue for 2013 reached AED10.328 bn (US$ 2.812 bn), a 25% increase on 2012 revenues of AED 8.240 bn (US$ 2.243 bn).
The performance was underlined by recurring revenues from the company’s shopping malls, retail, hospitality and leisure business units, All of this together contributed AED4.8 bn (US$ 1.307 bn) to FY’13 revenue, or 46% of the total. This is an increase of 17% in from revenues from the two businesses during 2012, which accounted for AED 4.096 bn (US$ 1.115 bn).
Mohamed Alabbar, chairman of Emaar Properties, said: “Downtown Dubai 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.”
Emaar’s leasing and retail business recorded total revenue of AED 3.285 bn (US$ 894 m) in 2013. This is 21% higher than the 2012 shopping malls and retail revenue of AED2.719 bn (US$ 740 m).
Driving this growth, The Dubai Mall welcomed over 75 million visitors, a growth of 15% over 2012. The mall’s 1,200 plus retail outlets recorded a 26% rise in sales during 2013. According to market estimates, more than 50% of all luxury goods sold in Dubai are purchased at the mall.
With a portfolio of 12 hotels and resorts consisting of over 1,900 rooms, Emaar’s hospitality and leisure business recorded revenues of AED1.515 bn (US$ 412 m) in 2013. This is 10% higher than the 2012 revenue of AED1.377 bn (US$ 375 m). The Address Hotels + Resorts maintained an average occupancy of 84% during 2013, similar to 2012.
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