Marked by the increased sales of properties in Dubai, delivery of homes in Egypt and recurring revenues from shopping malls and hospitality businesses, Emaar Properties PJSC announced its financial results for Q1 of 2012. The company recorded a net operating profit of US$ 165 million during the first quarter of 2012, an increase of 44% compared to US$ 115 million for the same period of 2011.
The company recorded revenues of US$ 496 million for the first quarter of 2012 with shopping malls and retail businesses contributing US$177 million; hospitality and leisure businesses contributing US$110 million during the first quarter of 2012. The revenues from business segments of malls and hospitality in this quarter increased by 25% as compared to same period in 2011 and accounted for 58% of the company’s total revenue.
The number of visitors to The Dubai Mall during the first three months of 2012 increased by 22% to 16 million.
Mohamed Alabbar, chairman of Emaar Properties, said: “We have entered a new era of growth for Emaar, focused on identifying new growth opportunities in line with the fast-changing economic environment. In Dubai, our assets are a prime driver of tourism, hospitality and retail, the traditional sectors that boost economic growth.
He further added that, “The expansion announced to The Dubai Mall and hospitality business are all geared to generate long-term value creation for our stakeholders.”
New unit sales in Dubai also increased significantly during the first three months of 2012 exceeding US$ 169 million during the period. Emaar also unveiled an exclusive collection of Golf Homes at Arabian Ranches Golf Club.