By Isaac John www.khaleejtimes.com
Two flagship corporates of Dubai — Emaar Properties and Emirates NBD — recorded a strong surge in profits, accentuating the remarkable rebound of the real estate and banking sectors, the key engines powering the emirate’s economic growth.
As Emaar, the global property developer of iconic assets, recorded full-year 2012 net profits of Dh2.119 billion, up 18 per cent on 2011, ENBD, the UAE’s largest lender by assets, more then trebled its fourth quarter profits to post an annual net profit of Dh2.56 billion.
The performances of both corporates surpassed even the most optimistic forecasts of analysts.
Emaar’s revenues hit Dh8.240 billion, reflecting the success of the company’s focus on strengthening its recurring revenue streams.
Emaar said its shopping malls & retail and hospitality & leisure businesses contributed Dh4.096 billion to the full-year revenue, representing 50 per cent of the total.
The builder of the world’s tallest structure — Burj Khalifa — recorded fourth quarter revenues of Dh2.680 billion as net profit reached Dh512 million. The contribution of Emaar’s international operations to the total revenue was Dh1.264 billion, representing 15 per cent of the total revenue. “International revenues were reinforced by the handover of homes and offices in Turkey, Lebanon, Saudi Arabia, Egypt and Pakistan, among other markets,” the master developer said.
Another proud achievement was that Downtown Dubai, Emaar’s prestigious township, became the world’s most-visited destination with over 60 million visitors in 2012. More info