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Dubai's Emaar net profit climbs 21% to USD 699mn in 2013

February 18, 2014

Dubai-based Emaar Properties saw its net income rise 21% to AED 2.57bn (USD 699mn) in 2013 on higher domestic revenue from high-end properties and regional expansion, the company said in a statement.

The builder of the world's tallest tower Burj Khalifa also reported a 25% growth in revenue to AED 10.33bn in 2013. Revenue was boosted by recurring proceeds from Emaar's shopping malls, retail and hospitality, and leisure business units, which together contributed AED 4.8bn in combined revenue (46% of the total). Revenue from the company's foreign operations in 2013 reached AED 1.2bn (11% of the total).

Standard & Poor's has recently raised its long-term corporate credit rating on Emaar Properties to BBB- from BB+ on improving financial performance. The outlook is stable. The latter reflects S&P's assessment of Emaar's recurring cash flow generation from leasing activities, the improving performance of its hospitality assets, and the build-up of a presold, high-margin development pipeline in Dubai.

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Source: IntelliNews - Weekly Reports

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