Dubai Property Giant Emaar’s 2014 Profit rises 28%

Dubai-based developer Emaar Properties Sunday reported increases in its net profits last year and the fourth quarter on the back of robust performance and strong revenues from its shopping malls.

Emaar posted a net profit of $234 million in the fourth quarter, up 14 percent on the $206 million posted in the corresponding quarter of 2013, a company statement said.

Net profit in 2014 rose 28.3 percent to $897 million from $699 million the previous year, it said.

The results were due to robust performance in the real estate sector and strong revenues from its shopping malls, retail and hospitality businesses, said the property giant which built the world’s tallest tower, Burj Khalifa.

“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,” chairman Mohamed al-Abbar said.

The three sectors accounted for 54 percent of total revenues, or $1.46 billion.

Last year, revenues from international operations surged 63 percent to $517 million, representing 19 percent of total revenues.

Emaar, which also owns Dubai Mall, last year distributed record dividends of $4.66 billion.

Source: AFP