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Emaar profits leap to AED 3.7bn in 2014

Emaar profits leap to AED 3.7bn in 2014
Photo Credit: Arabianeye-Reuters
Emaar
EMAAR
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Dubai – Mubasher: Emaar Properties, listed on the Dubai Financial Market (DFM), announced a significant growth in its net profits by 45% to AED 3.7 billion ($1.007 billion) in 2014 against AED 2.54 billion.

The mother company’s profits reached AED 3.3 billion during the year against AED 2.57 billion in 2013. Earnings per share (EPS) rose to AED 0.48 against AED 0.42 in 2013.

Profits for the fourth quarter rose by 14% to AED 861 million against AED 756 million in Q4-13.

Revenues during the year hit AED 9.893 billion ($2.693 billion) due to robust performance of Emaar’s real estate business as well as the strong recurring revenues from its shopping mall, retail and hospitality businesses, the Dubai-based developer announced, adding that these businesses contributed more than 54% of the total revenue, reaching AED 5.367 billion ($1.461 billion) against AED 4.8 billion ($1.307 billion) in 2013, registering a 12% increase.

Revenues for the fourth quarter reached AED 2.854 billion ($777 million), recording a 44% growth compared to Q3 revenues, which had reached AED 1.976 billion ($538 million).

Emaar had announced a cash dividend totaling AED 17.12 billion ($4.66 billion) to shareholders in 2014m around 250% of the firm’s total fair value. This follows Emaar’s initial public offering (IPO) of its Emaar Malls Group on the DFM