Main numbers: Revenue – AED3,812 million, +58% Y-o-Y, +15% Q-o-Q, EBIT – AED1,272 million, +42% Y-o-Y, +32% Q-o-Q, Net Income – AED1,034 million, -1% Y-o-Y, +22.7% Q-o-Q   Emaar Properties (Emaar) reported its 4Q2015 headline results, the main highlight was the recovery in local sales, AED2,717 million, bringing total sales for 2015 to AED10.2 billion, down 11% Y-o-Y only (versus 28.4% Y-o-Y in 9M15). A number of projects were launched during the quarter, including Dubai Creek Residences and Harbour Views. Another positive aspect of the results was hospitality numbers holding up during the quarter and the year. Also, reported figures were higher than consensus figures, despite writing-off AED301 million to account for The Address Hotel’s fire. Management confirmed its confidence in the recovery of the loss from insurance, which will be booked as gains in subsequent periods, once the claimed amounts are approved by the insurance companies.   Main positives: i) 4Q local sales of AED2,717 million, showing decent recovery over the corresponding figure for 4Q14 (AED1,000 million) and 3Q15 (AED1,393 million). The aggregate figure for the year was AED10.23 billion, down 11.0% Y-o-Y (versus -28.4% Y-o-Y in 9M15); ii) Hospitality figures roughly unchanged Y-o-Y for 4Q15 and 2015. Revenue from hospitality totaled AED1,677 million, implying AED478 million in 4Q15. Occupancy rates averaged 86% in 2015 at the Address Hotels & Resorts, up from 85% in 2014 and 84% in 9M15; iii) Reported revenue of AED3,812million beat consensus of AED3,180 million, (variance: +15%). Revenue for 2015 grew 32.6% to reach AED13,661 million; and iv) Net income beat consensus of AED939 million, reaching AED1,034 million, roughly unchanged Y-o-Y and up 22.7% Q-o-Q, despite the AED301 million in booked losses to account for the damage caused by the fire at The Address Hotel. Management indicated that accounting rules require the recognition of the loss in the year of the loss event, with claimed amounts recognised as gains in later periods, upon the acceptance of the insurance companies. Management confirmed its confidence in the recovery of the loss from insurance. Net income for the year came in at AED4,082 million, up 11.3% Y-o-Y   Main negatives: Contracted sales in international markets reached AED1,121 million, up 27.2% Y-o-Y and down 29.5% Q-o-Q. The sequential drop came on the back of a 47% slump in sales for Emaar Misr, on seasonality (3Q15 was boosted by sale of units in the North Coast). International sales for the year was flat, at AED5,050 million. Sales for Emaar Misr for the year came in at EGP8,644 million (AED4,084 million), up 22.0% Y-o-Y (in EGP terms) and 11.8% (in AED terms).The growth in revenue from recurring sources showed some softness, growing by 2.2% Y-o-Y in 4Q15 and 7.8% Y-o-Y in 2015. (Company disclosure, Sara Boutros)