Bumper year for Emaar sees profits grow 30%
Dubai-based developer says hotels and retail businesses make up over half of its $2.7bn revenues
Emaar Properties recorded a 30% increase in net profit in 2014 to $912m (2013: $699m) on the back of a 4% increase in revenues to $2.7bn.
The Dubai-based developer said that its shopping malls, retail and hospitality businesses contributed over half (54%) of total sales at $1.46bn. This was 12% higher than the $1.3bn achieved a year earlier.
Its international arm also grew by 63% to $517m, or 19% of total revenue.
The company also distributed a divided of $4.66bn - or 250% of the par value of its shares, following the IPO of its shopping malls and retail business.
Chairman Mohamed Alabbar said: “2014 was a robust year for Emaar as we recorded positive growth across each of our three core businesses – property, shopping malls and hospitality – as well as in our international markets. We created long-term value for our stakeholders through our record results, buoyed by the upbeat performance of Dubai’s growing economy.
“Our focus for the future is to develop smart communities that support the Dubai Plan 2021 announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establish Dubai as a pivotal hub in the global economy.”
The company launched several new property projects during the year, including Dubai Creek Residences at The Lagoons (in a JV with Dubai Properties) and a series of projects in Downtown Dubai including Boulevard Crescent, Boulevard Point, Opera Grand and Vida Residence Downtown Dubai.