This strong performance was underlined by recurring revenues from the company's shopping malls, retail and hospitality, and leisure business units.
The company said in a statement that its annual revenue for 2013 reached Dh10.328 billion, a 25 per cent increase on 2012 revenues of Dh 8.240 billion.
"This strong performance was underlined by recurring revenues from the company's shopping malls, retail and hospitality, and leisure business units, which together contributed Dh4.8 billion to last year's revenue, or 46 per cent of the total, and an increase of 17 per cent on 2012," it said.
Emaar, which has total assets of over
Net profit for the last quarter rose 30 per cent to Dh756 million vis-a-vis the third quarter's Dh581 million and 48 per cent higher than the fourth quarter 2012 net profit.
Also on Monday, Moody's Investor Service upgraded the corporate family rating of
"One of the defining aspects of Emaar's strong financial performance is the positive contribution of our developments to the local economy," said
"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 said. "With the economy gaining further traction following the successful bid by the
He said Emaar would continue its focus on developing integrated neighbourhoods that meet
Emaar's leasing and retail business recorded a total revenue of Dh3.285 billion, 21 per cent on 2012.
"Driving this growth,
Emaar's hospitality and leisure business, which has a portfolio of 12 hotels and resorts consisting of over 1,900 rooms, recorded revenues of Dh1.515 billion in 2013. This is 10 per cent higher than the 2012 revenue of Dh1.377 billion.
Emaar marked the launch of several new major projects in
"The launches gained solid response from customers in
Among key international project launches, Emaar Erbil launched Downtown Erbil, the first-of-its-kind integrated lifestyle development in the fast-growing city of Erbil in
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