Growth in recurring revenues
The hospitality & leisure business recorded FY2015 revenues of AED 1.677 billion (US$ 457 million). Hospitality revenues now account for 12 per cent of the total revenue of Emaar.
Emaar’s flagship hotel brands, The Address Hotels + Resorts and Vida Hotels and Resorts recorded strong occupancy levels in 2015, reflecting the increase in tourist arrivals to Dubai last year. The average annual occupancy at The Address Hotels + Resorts was 86 per cent, higher than the industry average.
Emaar will roll out the first hotel under the new Rove Hotels brand in the coming months. Developed as a joint venture with Meraas Holding, Rove is a contemporary mid-market lifestyle hotel brand. Emaar currently has over 2,660 keys under the Rove brand in various stages of development to support the ongoing preparation for Expo 2020 Dubai.
The Address Hotels + Resorts and Vida Hotels and Resorts have also signed management contracts to operate hotels and serviced residences in high-growth international markets such as Egypt, Turkey, Nigeria and Bahrain.
With approximately 6 million sq ft of gross leasable area, Emaar Malls (DFM: EMAARMALLS), the shopping malls & retail business majority-owned by Emaar Properties, posted a net profit of AED 1.656 billion (US$ 451 million) for FY2015. This is 23 per cent higher than the FY2014 net profit of AED 1.351 billion (US$ 368 million).
Emaar Mall’s FY2015 revenues recorded a growth of 11 per cent to AED 2.992 billion (US$ 815 million), compared to AED 2.694 billion (US$ 733 million) in FY2014. Visitor arrivals across all Emaar Malls assets crossed the landmark 124 million in 2015, an increase of 9 per cent compared to 2014.
Emaar has strong fundamentals with a land bank of approximately 195 million sq m in Dubai and international markets.
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