Q4 revenue increase of 38% sets developer on track for 2011
Retail and commercial developments have contributed to a “landmark” year for Emaar Properties, with the developer reporting revenues of AED 12.2 billion in 2010.
In its strongest quarter, Q4, Emaar reported a 38% increase on Q3, with net operating profits of AED 691 million (US$ 188 million) for the same period.
It has also been announced that Emaar will hand over homes in Jeddah Gate and Al Khobar Lakes in Saudi Arabia, in addition to projects in Syria, Turkey and Egypt.
Emaar say this demonstrates “commitment to project delivery and increased focus on creation of prime real estate assets globally”.
The largest contribution to the figures was made by shopping malls and other retail and hospitality subsidiaries, contributing a combined 24% of total revenues. Healthcare and education assets were transferred to “renowned service providers”.
“In a year that was marked by cautious optimism, timely delivery of property and consolidation of core businesses, Emaar Properties took bold initiatives that have a far-reaching potential in driving sustained returns for our stakeholders,” Mohamed Alabbar, Chairman, Emaar Properties PJSC said in a statement.
Overall, we expect the MENA contractors under our coverage to post an 18% quarter- on-quarter increase in earnings”
Listing the grand inauguration of Burj Khalifa, and the Downtown Dubai community, Alabbar added: “Dubai, having entered its next phase of growth under the visionary leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, will continue to be a key market.
“We will continue delivering a superior lifestyle experience to our customers. We see 2011 to be a signature year for Emaar with significant revenue streams from international operations kicking in.”
Emaar’s quarter-on-quarter increase in profits, Q3 to Q4 2010
A statement from the developer added: “Emaar Properties will continue to strengthen the operations of its subsidiaries, Emaar Malls Group and Emaar Hospitality Group. This year, Emaar Hospitality Group will further consolidate its international footprint with the management agreements for operating luxury retreats in Morocco, South of France and Indonesia making significant progress.”