Emaar profit tops Dh5b
Real estate giant’s Dubai sales surge 41% in 2016; company’s growth ‘reflects dynamism of the UAE’.
dubai — Emaar Properties crossed the Dh5 billion mark in 2016 net profits, recording Dh5.23 billion, from a 28 per cent growth over 2015. Revenues totalled Dh15.54 billion, up by 14 per cent over 2015 revenues of Dh13.661 billion.
The developer’s property sales in Dubai were up 41 per cent to Dh14.4 billion — 41 per cent higher than the 2015 sales value of Dh10.23 billion. During the year, Emaar handed over 41,500 homes, of which 33,947 were in Dubai. In the UAE, the developer’s land bank spans 25 million square metres.
Recurring revenue from its malls, hotels and entertainment attractions hit Dh5.9 billion, making up 38 per cent of the overall.
Emaar’s master developments include Dubai Hills Estate, which will feature a retail hub and is set around an 18-hole championship golf course, Dubai Creek Harbour, helmed by The Tower, the world’s next tallest skyscraper, and Emaar South at Dubai South.
“Emaar’s growth reflects the dynamism of the UAE, which has evolved as a global hub for business and leisure,” said Mohamed Alabbar, chairman, in a statement.
Emaar’s international operations added Dh2.66 billion during 2016, accounting for 17 per cent of the total. Sales across various interna- tional markets in 2016 were valued at Dh3.9 billion. The Group now has a backlog of Dh2.977 billion to be recognised in the next few years, the statement added.
Emaar Malls recorded a net profit of Dh1.87 billion during 2016, an increase of 13 per cent over the previous year. Revenues weighed in with a growth of eight per cent to Dh3.227 billion. Emaar’s fourthquarter net profit increased by 56 per cent to Dh1.613 billion compared to Q4 2015 net profit of Dh1.034 billion, and 41 per cent higher than the Q3 net profit of Dh1.145 billion. Revenue for Q4 2016 was Dh4.437 billion, 16 per cent higher than the Q4 2015 revenue of Dh3.812 billion, and 15 per cent more than the Q3 2016 revenue of Dh3.846 billion.
The shopping malls under Emaar Malls welcomed 125 million visitors during 2016, similar to the annual footfall in 2015. The hospitality and leisure, commercial leasing and entertainment business of Emaar recorded revenues of Dh2.749 billion during 2016.
Average occupancy of hotels under Emaar Hospitality Group in Dubai was 85 per cent, higher than the industry average and five per cent higher than 2015.
— deepthi@khaleejtimes.com