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Emaar records 28% growth in 2016 with net profit at $1.43 bln

Emaar records 28% growth in 2016 with net profit at $1.43 bln

DUBAI: Dubai-based developer Emaar Properties recorded a robust full-year 2016 net profit of $1.43 billion (Dh5.233 billion), 28 per cent higher as compared to the 2015 net profit of $ 1.111 billion (Dh4.082 billion). Emaar achieved full year 2016 revenues of $ 4.231 billion (Dh15.540 billion), an increase of 14 per cent over 2015 revenues of $3.719 billion (Dh13.661 billion). Highlighting the strength of its diversified business model, recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses for 2016 was $1.627 billion (Dh 5.976 billion) similar to 2015, despite the ongoing redevelopment at The Address Downtown Dubai. The recurring revenue businesses now account for 38 per cent of the total Group revenue.

Emaar’s international operations recorded revenue of $726 million (Dh2.67 billion) during FY 2016 accounting for 17 per cent of the total Group revenue. With increase in revenue contribution from real estate, the performance of the malls and hospitality businesses, the fourth-quarter (October to December) 2016 net profit of Emaar increased by 56 per cent to $439 million (Dh1.613 billion) compared to Q4 2015 net profit of $ 281 million (Dh1.034 billion), and 41 per cent higher than the Q3 (July to September) 2016 net profit of $312 million (Dh1.145 billion). Emaar has handed over around 41,500 residential units, 33,947 of them in Dubai. Highlighting its strong development potential, Emaar has a land bank of 190 million sq m globally including a significant 25 million sq m in the UAE. Following the publishing of its results on Tuesday, Emaar share price rose on Wednesday by 1.7 per cent to Dh7.73, according to Reuters.