Local developer Emaar Properties has recorded net profits of AED843m ($230m) in the third quarter of 2015, 31 per cent up on the same period last year.

Emaar’s Q3 revenues also increased by 56 per cent compared with 2014, according to a statement released by the developer on 1 November.

The statement also said that the company’s revenues have grown by 25 per cent to AED9.8bn ($2.7bn) in the first nine months of this year.

Emaar said its improved performance was due to strong growth from its shopping malls, retail and hospitality business. Recurring revenues, which represent 43 per cent of the total revenues during the first nine months of the year, grew to AED1.2bn ($1.1bn). The company also stated that its international operations recorded growth of AED1.7bn ($472m).

Mohamed Alabbar, chairman of Emaar Properties, said: “Our projects, including joint venture initiatives, create smart cities of the future that also support the ongoing preparations to host [Dubai] Expo 2020, which serves as a growth catalyst for the economy.”

The developer stated progress had been made on in its two mega-developments, Dubai Creek Harbour and Dubai Hills Estate, developed as joint ventures with the local Dubai Holding and Meraas Holding respectively.

Emaar’s flagship development, Downtown Dubai, saw progress on The Opera District. The firm is also developing Arabian Ranches 2, an extension of the villa community in the emirate.