Emaar Posts Q1 Net Profit of $115m
First quarter results were supported by the continued delivery of residential units in Burj Khalifa in Dubai and the handover of commercial offices in The Eighth Gate, Syria, an integrated project billed to become the financial nerve centre of the country. The company also commenced delivery of one of its premium commercial projects - Boulevard Plaza within Downtown Dubai during this quarter.
Emaarâ€™s business subsidiaries contributed to the companyâ€™s revenue stream with the shopping malls & retail business demonstrating strong growth trends. The Dubai Mall, the flagship development of Emaar Malls Group, reported first quarter 2011 footfall of 13.5 million visitors â€“ the highest-ever quarterly performance since its opening in November 2008.
Emaar Hospitality Group, the hospitality & leisure subsidiary, also recorded positive growth with its flagship Address Hotels + Resorts recording an average occupancy of 87 percent in the first quarter.
In international markets, Emaar is fast progressing on a range of projects that will be delivered in the coming months. These include Jeddah Gate and Al Khobar Lakes in Saudi Arabia by Emaar Middle East; and Uptown Cairo and Marassi in Egypt. Other countries where Emaarâ€™s operations will further contribute to its revenue streams in 2011 include Jordan, India, Pakistan and Turkey.
Mohamed Alabbar, chairman of Emaar Properties, said: â€œThe first quarter performance underlines the companyâ€™s strategy to focus on project delivery and strengthening recurring revenue streams from its shopping mall and hospitality businesses.
â€œEmaar will continue to explore growth opportunities in key emerging markets, where our emphasis will be to create dynamic socio-economic growth engines like Downtown Dubai that create jobs, support ancillary industries and meet lifestyle aspirations.â€
Will the firm post better results in Q2?
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