Emaar reports ‘record’ $912m profit for 2014
Malls, retail and hospitality business now accounts for 54% of total revenue, as annual profits rise 30%
The Dubai property developer Emaar on Sunday reported a “record” profit of $912 million for 2014, a 30% rise on the previous year, according to a company statement.
Its net profit stood at $234 million in the last quarter of 2014, a 14% rise on the previous quarter.
Annual revenue for the year stood at $2.693 billion, with 54% coming from the group’s shopping malls, retail and hospitality businesses.
Revenues from the company’s international operations grew by 63% to be worth $517 in 2014, and now account for 19% of Emaar’s business.
Mohamed Alabbar, chairman of Emaar Properties, said the group plans to “develop smart communities” for Dubai in the future.
It emerged last week that Emaar also plans “huge investments” in Egypt, and a role in building a new capital city east of Cairo.
