Emaar profit rises on strong sales
Hospitality and leisure operations gain further traction through geographic expansion and creation of innovative experiences.
dubai — Emaar Properties’ net profit jumped to Dh5.7 billion in 2017 as against Dh5.23 billion in the previous year, an increase of nearly nine per cent.
The developer recorded a net operating profit of Dh5.704 billion during 2017, a growth of 16 per cent over the 2016 net operating profit of Dh4.917 billion.
Its earnings per share increased to Dh0.80 from Dh0.73.
Total revenue for 2017 increased by 21 per cent to Dh18.812 billion over its 2016 revenue of Dh15.540 billion.
Emaar also achieved record sales of Dh18.03 billion in 2017, an increase of 25 per cent over the 2016 sales of Dh14.4 billion.
The developer’s total assets expanded to Dh113 billion at the end of December 2017 as compared to Dh96.33 billion in the previous year.
Revenue from Emaar’s international development operations was Dh3.603 billion during 2017, a growth of 35 per cent over 2016 revenue of Dh2.665 billion; global operations now account for 19 per cent of Emaar’s total revenue.
Its shopping malls, hospitality and leisure and entertainment businesses together accounted for revenue of Dh6.351 billion, representing 34 per cent of the total revenue of 2017, 6 per cent higher than 2016 revenue of Dh5.976 billion.
Mohamed Alabbar, chairman of Emaar Properties, said Emaar’s hospitality and leisure operations have also gained further traction through geographic expansion and the creation of innovative experiences.
To date, the company has handed over 45,900 residential units in Dubai and global markets since 2002, with over 34,800 units delivered in the UAE alone.
During the fourth quarter of 2017, Emaar Properties recorded a revenue of Dh5.36 billion, 21
emaar’s hospitality and leisure operations have gained further traction through geographic expansion Mohamed Alabbar, chairman of Emaar Properties
per cent higher than Q4 2016 revenue of Dh4.437 billion. Emaar recorded a net operating profit of Dh1.357 billion during the same period, 5 per cent higher than the net operating profit earned during Q4 of 2016.
According to Reuters, Emaar Properties’ fourth-quarter net profit slid 16 per cent to Dh1.36 billion as costs weighed on Dubai’s largest listed developer. The company’s shares plunged 2.8 per cent on the Dubai bourse to Dh6.25.