• Half-year 2014 revenue reaches AED 5.063 billion (US$ 1.378 billion)
• Second quarter 2014 net profit is AED 868 million (US$ 236 million); revenue is AED 2.807 billion (US$ 764 million)
• Malls, retail and hospitality revenues for half-year 2014 are AED 2.647 billion (US$ 721 million), 52% of the total revenue
Dubai, UAE; August 4, 2014: Building on the positive growth of Dubai’s economy, Emaar Properties PJSC recorded a net profit of AED 1.731 billion (US$ 471 million) during the first half (H1 - January to June) of 2014. This is 41 per cent higher than H1 2013 net profit of AED 1.231 billion (US$ 335 million).
Led by the strong performance of the Malls and Hospitality business segments, Emaar’s revenue for the first six months of 2014 is AED 5.063 billion (US$ 1.378 billion), similar to H1 2013 revenue of AED 5.219 billion (US$ 1.421 billion).
The net profit for the second quarter (Q2 - April to June) 2014 is AED 868 million (US$ 236 million), 29 per cent higher than Q2 2013 net profit of AED 675 million (US$ 184 million).
Revenue for Q2 2014 is AED 2.807 billion (US$ 764 million), 24 per cent higher than Q1 2014 revenue of AED 2.256 billion (US$ 614 million).
Emaar’s malls & retail and hospitality & leisure subsidiaries contributed AED 2.647 billion (US$ 721 million) in recurring revenues during the first six months of 2014, 14 per cent higher than the revenue from these high-performing businesses during the same period last year at AED 2.326 billion (US$ 633 million). The share of revenue from the two businesses to the total revenue in H1 2014 is 52 per cent.
The malls, retail & hospitality revenues during Q2 2014 was AED 1.301 billion (US$ 354 million), 12 per cent higher than Q2 2013 revenues of AED 1.160 billion (US$ 316 million).
Revenues from the company’s global operations during H1 2014 were AED 751 million (US$ 204 million), representing 15 per cent of the total revenue. This is 43 per cent higher than the international revenues during H1 2013 at AED 526 million (US$ 143 million). Revenue from international operations during Q2 2014 was AED 463 million (US$ 126 million), 61 per cent higher than Q1 2014 revenue of AED 288 million (US$ 78 million).
Mohamed Alabbar, Chairman of Emaar Properties, said the positive growth of the company has been energised by Dubai’s strong credentials as a stable and safe hub for business and leisure. “His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has set a strong roadmap of growth for the city’s economy, which has boosted investor confidence. The city is today a magnet for talent and capital, and we are complementing this growth through our world-class property, retail and hospitality assets.”
He added: “In the last six months, Emaar has contributed significantly to building Dubai’s property infrastructure through the launch of several new projects. We will continue to create iconic lifestyle destinations to support the city as it gears up to host the World Expo 2020 through strategic joint venture partnerships.”
Premier projects in Dubai
During the first six months of the year, Emaar further strengthened its property portfolio in Dubai with the launch of more than 10 prestigious projects to strong investor response, including international investors. The total value of sales of Emaar’s projects in Dubai during H1 2014 was AED 9.032 billion (US$ 2.459 billion), 43 per cent higher than H1 2013 sales of AED 6.328 billion (US$ 1.723 billion). International investors accounted for approx. 20 per cent of the total sales during the first six months of the year, valued at approx. AED 1.8 billion (US$ 490 million).
Internationally, Emaar Middle East, the company’s subsidiary focused on projects in Saudi Arabia, launched Emaar Square. Billed as the most prestigious commercial real estate development in Jeddah, the project is part of Jeddah Gate, Emaar Middle East’s master-planned community.
Robust growth in Malls Revenue
Emaar Malls Group, the developer of the iconic Dubai Mall, recorded impressive revenues of AED 1.250 billion (US$ 340 million) during the first six months of 2014. This is 13 per cent higher than the H1 2013 revenue of AED 1.106 billion (US$ 301 million). The Q2 2014 malls revenue is AED 650 million (US$ 177 million), 11 per cent higher than Q2 2013 revenue of AED 584 million (US$ 159 million).