Dubai's Emaar posts 50% leap in Q3 profits

Image taken from Burj Khalifa shows construction in Dubai Net profits of Emaar Properties increased 50 percent to $158 million in the third quarter of 2013 compared to the year before, the Dubai-based real estate giant said on Thursday. Net profit in the three months from July to September reached 581 million dirhams ($158 million), compared with 387 million dirhams ($105 million) in the same period of 2012, the company said in a statement.
The developer of Burj Khalifa, the world's tallest tower, recorded a net profit of 1.812 billion dirhams ($493 million) for the first nine months of the year, 13 percent up on the same period of last year.
It said total sales value of Emaar real estate projects in Dubai as of September 30, 2013, have trippled compared to the same period last year exceeding nine billion dirhams($2.45 billion).
"Emaar's strong performance across all its core businesses is a testament to the positive growth recorded by Dubai," said the company's chairman, Mohamed Alabbar.
"Our new developments, in real estate, malls and hospitality, underline our strategic approach to supporting Dubai's all-round growth," he said.
"Over the past nine months, we have entered into joint venture agreements with large government companies such as Dubai Holding and Meraas Holding to develop mega-projects in Dubai that will catalyse the economy."
Dubai real estate has recovered strongly since it nosedived in 2009 when the global financial crisis hit the Gulf emirate, cutting nearly half of the sector's value.
Emaar has diversified its business portfolio, branching out into hospitality, leisure and retail, which accounted for 44 percent of its total nine month revenues, at $914 million.
The Dubai Mall, one of the major tourist attractions of the city, registered 55 million visitors in nine months, 24 percent up on same period of last year.
Source: AFP