Three years after the Emirate’s property market collapse, Emaar Properties registered a profit. According to a detailed earnings statement released on Monday, Emaar generated a revenue of 2.5 billion dirhams ($680.64 million) from sales of condominiums last year, compared with 1.1 billion dirhams in 2011, which is more than double from last year.
The report also said Emaar received outstanding receivables of 326.3 million dirhams from troubled affiliate Amlak last year for which debit notes were issued. The developer is still owed 243 million dirhams by Amlak, down from 595 million dirhams in 2011.
The apartment sales have been successful in offseting a sharp drop in sales of commercial units, which registered 682.2 million dirhams compared with 2.7 billion dirhams in the year before.
Emaar’s revenue from villa sales in 2012 also dropped slightly to 937.1 million dirhams from 958.7 million dirhams. Overall revenue was nearly flat at 8.2 billion dirhams from 8.1 billion dirhams in 2011.
Although real estate projects that have been stalled are now revived, an increase in costs forced the company to witness a 28 percent drop in the fourth-quarter net profit in January.