A $1.5bn (AED5.7bn) net annual profit was reported by Emaar Properties for 2017. This was a net 16% increase from the previous year.
The revenue for 2017 was recorded to be $5.1bn (AED18.8bn), an increase of 21 percent on 2016. The company also raised $1.3 billion in November following sale of 20 percent stake, or 800 million shares, in a listing of unit Emaar Development.
Just this month, the company noted a 30 percent increase in 2017 profit to 2.74 billion dirham. Emaar Malls, another unit, reported a 27 percent rise in fourth quarter profit to 574 million dirhams. For the entire 2017 Emaar’s hospitality & leisure, commercial leasing and entertainment businesses recorded revenue of $741m (AED2.7bn) .
Emaar Properties Chairman Mohamed Alabbar, however said that he would be cautious to keep debt levels reasonable for 2019. He went on to say that Emaar’s “significant sales backlog and a robust development pipeline in the UAE and in high-growth international markets” will ensure the company continues its growth strategy.
Emaar Development recently revealed that Emaar Properties is part of a joint-venture building The Tower in Dubai Creek Harbour. According to reports the Tower is said to be the world’s tallest tower, outdoing the more than 160-storey Burj Khalifa, built by the developer. The Tower at Dubai Creek Harbour is scheduled to be completed in 2020.
Additionally, Emaar Properties group has a number of upcoming hotel projects in the UAE and other international markets including Saudi Arabia, Turkey, Egypt, Bahrain and The Maldives.
more recommended stories
Will end bloodshed in Afghanistan and bring peace to the region
After peace negotiations failed previous month,.
Cost of medical exams for expats in Oman will increase by 200% from February
According to a new decree announced.
MidEast airlines forecast to see $800m net profit in 2019
Middle Eastern carriers are expected to.
Barclays expands ethical investment options for Gulf clients
Barclays has announced the launch of.