Emaar Properties on Sunday reported a 31 per cent surge in net profit during the third quarter.
The developer said in a statement that it made a net profit of Dh843 million in the three months to September 30. That compares with a profit of Dh645 million in the year-earlier period, it said.
For the first nine months, Emaar recorded a growth in net profit of 16 per cent to Dh3.048 billion compared to Dh2.622 billion during the same period in 2014.
Third-quarter revenues jumped 56 per cent to Dh3.329 billion from Dh2.136 billion in the same 2014 period. Revenues for the first nine months recorded a 25 per cent growth to Dh9.849 billion over the same period last year.
"Underlining the strong growth of its shopping malls, retail and hospitality business, recurring revenues for the first nine months of 2015 grew to Dh4.194 billion, 10 per cent higher than Dh3.808 billion [during same period last year]," the developer said. "This represents 43 per cent of the total revenues during the first nine months of 2015."
Emaar's international operations recorded robust growth with revenues from global operations during the first nine months of 2015 at Dh1.734 billion, which is 18 per cent of the total revenue.
This is 21 per cent more than the revenues from international operations during the same period last year, it said.
Mohamed Alabbar, chairman of Emaar Properties, said the robust performance highlights the success of the company's strategy to develop exceptional real estate assets in its home market of Dubai and other key international markets with a focus on ensuring the highest standards of build quality and service excellence.
"In Dubai, our operations are aligned with the Dubai Plan 2021 vision outlined by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to build a smart and sustainable city that will the preferred place to work, live and visit. Our projects, including joint venture initiatives, create smart cities of the future that also support the ongoing preparations to host Expo 2020 Dubai, which serves as a growth catalyst for the economy," said Alabbar. He said Emaar's commitment is to create long-term value for its stakeholders and the strong recurring revenue streams and international operations position it as a well-diversified entity with strong financial fundamentals.
"With Dubai now welcoming the festive season that further energises the tourism and hospitality sectors, we are confident of closing the year on a robust and positive note."
Emaar said it launched several key residential projects in third quarter 2015 that have gained strong response from regional and international investors who regard Dubai as a safe investment destination. The company's roadshows in overseas markets too have contributed to strong sales growth.
Among the three key projects that are currently being developed by Emaar include Dubai Creek Harbour, a modern master-planned community located along Dubai Creek, in close proximity to the Dubai International Airport and Ras Al Khor Wildlife Sanctuary. Located on a land area of approximately six million sqm, it is developed by Emaar in association with Dubai Holding. Emaar has launched the Creekside 18 residences in The Island District of Dubai Creek Harbour during the third quarter of 2015.
A joint venture between Emaar and Meraas Holding, the approximately 2,700-acre Dubai Hills Estate is another innovative development, envisaged as Dubai's first green city with the newly-launched maple townhouses set amidst leafy emerald avenues and green corridors.
Emaar is also developing The Opera District in Downtown Dubai, one of the most sought-after residential destinations in Dubai today. It is anchored by Dubai Opera. Emaar has launched two top-end residential developments within The Opera District - Opera Grand and the recently-unveiled Forte homes.
Demand for the launches in Dubai, especially from end-use investors, has been strong with total sales during the first nine months of year at Dh7.513 billion. Sales in international markets during the same period were valued at Dh 3.929 billion.
