Dubai-based Emaar Properties on Thursday announced net profit of AED1.8bn ($493m) for the first nine months of 2013, up 13% on the same period last year.
Revenue for January to September totalled more thatn $2bn and rose 36%, the developer said in a statement.
Net profit in the third quarter reached $158m, an increase of 50% on Q3 2012, Emaar said, adding that third quarter revenue rose 43% to reach $639m.
This year, the total sales value of Emaar’s real estate projects in Dubai as of September 30, is more than AED9bn ($2.45bn), which is nearly triple that seen in the same period in 2012.
The company said its shopping malls and retails and hospitality businesses contributed 44% of total revenue in the first nine months of 2013 while international operations made up 10% of the total.
Driving the retail side of the business was Dubai Mall which recorded a visitor footfall of more than 55 million during the reported period, up 24%.
Mohamed Alabbar, Emaar chairman, said: “Emaar’s strong performance across all its core businesses is a testament to the positive growth recorded by Dubai.
“Our new developments in real estate, malls, and hospitality underline our strategic approach to supporting Dubai’s all-round growth.”
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