Good results coming at a bad time for the markets.
Emaar Properties managed to increase its revenue in 9M-2016 by 13%, yoy, to AED11.1bn (3%, qoq, to AED3.7bn in Q3). The company’s gross profit for the quarter also increased 20%, yoy, to AED1.9bn (5% qoq), and reached AED5.7bn in 9 months (12% yoy).39% of Emaar’s revenue during the first 9 months is identified as recurrent revenue from Shopping Malls & Retail, and Hospitality & Leisure businesses while Property sales is behind the rest.
The company’s overall international operations recorded a revenue of AED1.696bn during the first nine months of 2016. This accounts for 15% of the total revenue.
As for the bottom line, during the third quarter, Emaar recorded a net profit of AED1.1bn, which is 36% higher than the Q3 2015 net profit of AED843m.
The company launched Rove Hotels, a joint venture with Meraas Holding, and opened its first property – Rove Downtown Dubai – in response to a strong guest demand. In all, 10 Rove Hotels will open in Dubai, adding over 3,700 rooms, in central locations across the city, just in time for Expo 2020 Dubai. The Address Boulevard Dubai, a brand new addition to the portfolio will open soon, while two new Rove Hotels are expected to be unveiled before year end.
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