Emaar Properties records $1.5bn (AED5.7bn) net annual profit

 

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.

 

 

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