Emaar Properties announced its financials for the first nine months of the year in a statement to the Dubai Financial Market (DFM), reporting a significant rise in its net operating profit by 37% to AED 2.489 billion ($678 million) compared AED 1.81 billion ($493 million) during the same period in 2013.

Similarly, net operating profit for the third quarter of the year surged by 30% to AED 758 million ($206 million) compared to AED 581 million ($158 million) during Q3-13. The Company attributed its strong profits to surging investor confidence and Dubai’s strong economic growth.

Emaar reported revenue of AED 7.034 billion for the nine-month period ending September 30, 2014, of which AED 1.33 billion were revenues from its operations in international markets.

Operations in the hospitality and entertainment sector amounted to AED 1.2 billion during the first nine months of the year, representing 17% of total revenues.

Commenting on the Company’s performance, Emaar Properties Chairman Mohamed Alabbar stated “This has been a record nine-month performance for Emaar as we delivered on our promise of strengthening shareholder value. We have set an industry milestone by announced a total dividend of AED 17.12 billion ($4.66 billion) this year through our strategic growth initiatives.”

“The successful listing of our malls unit is a testament to our vision to develop stand-alone profit centres for our diverse businesses in Dubai and international markets, creating long-term value for our stakeholders,” he added.