Emaar Properties grew net profits in 2012 by 18% to $577m (2011: $488m) on the back of a 2% increase in sales to $2.24bn (2011: $2bn).
The company pointed to the growth in recurring revenues, with its retail and hospitality businesses contributing 50% of total sales ($1.12bn). Sales for its retail division were up by 27% to $740m and hospitality revenues increased by 133% to $375m.
The Address Hotels & Restaurants outlets achieved an occupancy rate of 85%, the firm said.
It also said that international sales from operations in Turkey, Lebanon, Saudi Arabia, Pakistan and Egypt grew to $344m) – or 15% of its total.
The company handed over more than 1,105 homes and 149,000 ft2 of commercial office space in Dubai during the year, and a further 673 homes and 122,000ft2 of property overseas.
Emaar chairman Mohamed Alabbar said: “Last year was one of transformation for Emaar Properties, Dubai and a number of the international markets that we serve.
“With Dubai restating its credentials as a global business and tourism hub, Emaar capitalised on the city’s resurgence by investing in creating prime real estate assets and strengthening our shopping malls and hospitality businesses.”
He added that the firm would look to support the socio-economic growth of all of the countries in which it is involved.
“We have made several significant additions to our property portfolio including the Dubai Modern Art Museum & Opera House District in Downtown Dubai, the 1m ft2 expansion to The Dubai Mall, the extension to Arabian Ranches, new properties in our Address hotels portfolio, and our partnership with Mohammed Bin Rashid City.
“Our focus on adding value for our stakeholders and creating self-sustaining business entities that contribute to the recurring revenue streams of the company will remain a constant.”
