DUBAI: Emaar Properties, Dubai’s largest listed property developer, posted a 48 percent increase in its quarterly profit from a strong upturn that boosted by growth in its malls, hotels and property business.
A bellwether for Dubai’s real estate market, Emaar has led a recovery in that sector, and most of the projects it launched in the last few months were sold out within hours, reminiscent of the period before the 2008 global financial crisis.
Fourth-quarter net profit of Dh756m compared with Dh512m in the corresponding period of 2012, it said in a statement yesterday. Analysts had predicted on average a net profit of Dh622m.
Revenue for the quarter was Dh2.76bn, up three percent year-on-year. Emaar’s full-year net profit was Dh2.57bn, an increase of 21 percent over 2012.
The revenue from its malls and hotels, accounted for nearly half of the total revenue.
Meanwhile, total value of property sales in Dubai for 2013 was Dh12bn, nearly three times the amount in 2012. Property prices in Dubai have fallen more than 50 percent from their 2008 peak.
Moody’s upgraded the developer’s ratings by two notchs, one level short of investment grade.
Reuters
