The builder of the world's tallest tower Burj Khalifa, Emaar said its annual revenue surged 25 per cent to Dh10.328 billion compared to Dh8.24 billion the year before.
This strong performance was underlined by recurring revenues from the company's shopping malls & retail and hospitality & leisure business units, which together contributed Dh4.8 billion to FY'13 revenue, or 46 per cent of the total, said the
This is an increase of 17 per cent in from the revenues from the two businesses during 2012, which accounted for Dh4.096 billion, it stated.
Emaar's property business generated total revenue at Dh5.528 billion. Revenues from the company's global operations in 2013 were Dh1.167 billion, representing 11 per cent of the total revenue.
The fourth quarter (October to December) revenues soared to Dh2.762 billion, up 18 per cent compared to the previous quarter of Dh2.347 billion, said the statement.
The company's net profit for the fourth quarter surged 30 per cent to hit Dh756 million compared to Dh581 million in the previous quarter and 48 per cent higher than Dh512 million the previous year.
Commenting on the results, chairman
"Emaar's fundamental financial strength is underscored by our diversified growth model, with the shopping malls and hospitality business contributing significantly to the total revenue," he observed.
"With the economy gaining further traction following the successful bid by the
"Our strong pipeline of projects, which reflect our commitment to creating long-term value for our stakeholders, will serve as a key growth driver for the company and for
According to him, Emaar's leasing & retail business recorded a total revenue of Dh3.285 billion in 2013, up 21 per cent over shopping malls & retail revenue of Dh2.719 billion the year before.
Driving this growth,
According to market estimates, more than 50 per cent of all luxury goods sold in
With a portfolio of 12 hotels and resorts consisting of over 1,900 rooms, Emaar's hospitality & leisure business recorded revenues of Dh1.515 billion in 2013, up 10 per cent over Dh1.37 billion the previous year, said Alabbar.
In 2013, Emaar announced the launch of a diverse portfolio of serviced residences to be managed by its flagship hotel brand,
In 2013, Emaar marked the launch of several new major projects in
Emaar also unveiled
The launches gained solid response from customers in
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