Emaar profits bounce back

Dubai, UAE-based real estate developer Emaar saw its profits rise for the fourth quarter of the year compared to the same period in 2008.

It achieved an operating profit of AED 923 million (US$ 251 million), up +41% on the Q4 2008 figure of AED 655 million (US$ 178 million). Revenues for the period were up +53% to AED 2.98 billion (US$ 812 million).

However, revenues for the year as a whole were down -22% to AED 4.24 billion (US$ 1.15 billion), compared to the restated 2008 figure of AED 10.7 billion (US$ 2.92 billion). Operating profits in 2009 were down -45% on 2008 levels at AED 2.32 billion (US$ 633 million).

The company said that although revenues from its malls and hospitality business increased last year, it only sold 3100 residential units, compared to a figure of 4900 in 2008.

The company also opened two hotels in last year at the Dubai Mall and Dubai marina, while 2010 started with its opening of the Burj Khalifa, the world's tallest building.

Emaar chairman Mohamed Alabbar said, "During an especially challenging period for economies across the globe, Emaar contributed to the socio-economic growth and stability of Dubai by creating more than 12500 new jobs through our subsidiaries.

"Domestic growth, catalysed by Burj Khalifa will be the highlight of this year, as Emaar continues to focus on maximising long-term value for our shareholders."