Emaar Properties records 2012 net profit of Dhs2.119bn

31/01/2013 16:18 AST

Backed by investor confidence in Dubai's property sector and strong growth in recurring revenues from its shopping malls & retail and hospitality & leisure businesses, Emaar Properties PJSC, the global property developer of iconic assets, recorded full-year 2012 net profits of Dhs2.119bn ($577m).

This is 18% higher than the full-year 2011 net profit of Dhs1.794bn ($488m). Annual revenues for 2012 reached Dhs8.240bn ($2.243bn), similar to the 2011 revenues of Dhs8.112bn ($2.209bn).

Reflecting the success of the company's focus on strengthening its recurring revenue streams, Emaar's shopping malls & retail and hospitality & leisure businesses contributed Dhs4.096bn ($1.115bn) to the full-year revenue, representing 50% of the total. The contribution of Emaar's international operations to the total revenue was Dhs1.264bn ($344m), representing 15% of the total revenue. International revenues were reinforced by the handover of homes and offices in Turkey, Lebanon, Saudi Arabia, Egypt and Pakistan, among other markets.

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