Emaar's apartment sales revenue doubled in 2012
Emaar generated revenues of $680m from condominiums last year
Emaar Properties' revenue from sale of apartments more than doubled last year, offseting a sharp drop in sales of commercial units that is struggling to recover three years after the emirate's property market collapse.
The builder of the world's tallest tower generated a revenue of AED2.5bn ($680.64 million) from sales of condominiums last year, compared with AED1.1bn in 2011, a detailed earnings statement released on Monday 18 March showed.
However, income from sale of commercial units, plots and others dropped significantly to AED682.2m compared with 2.7bn in the prior-year.
Emaar is one of the better performing companies in Dubai's real estate sector with its focus on retail and hospitality segments helping it see through the emirate's real estate crash which resulted in a 50% slump in prices.
Dubai itself has witnessed a gradual recovery in its property market largely buoyed by return of speculative buyers in the home sales segment.
Emaar's revenue from villa sales in 2012 also dropped slightly to AED937.1m from AED958.7m. Overall revenue was nearly flat at AED8.2bn from 8.1bn in 2011.
The company posted a 28% drop in fourth-quarter net profit in January, missing analysts' forecasts, as costs soared amid revival of stalled projects in the emirate.
The report also said Emaar received outstanding receivables of AED326.3m from troubled affiliate Amlak last year for which debit notes were issued. The developer is still owed AED243m by Amlak, down from AED595m in 2011.