DUBAI — Emaar Properties PJSC has recorded growth of 35 per cent in annual profits for the year ended December 31, 2006 compared to 2005.
The company posted a record annual net profit of Dh6.371 billion ($1.735 billion) compared to Dh4.731 billion ($ 1.288 billion) in 2005. Annual revenue increased by 68 per cent from Dh8.361 billion ($2.276 billion) to Dh14.006 billion ($3.813 billion). Earnings per share (EPS) for the year 2006 was Dh1.06 ($0.29) compared to Dh0.85 ($0.23) during 2005.
Emaar recorded fourth-quarter revenue and net profits of Dh5.548 billion ($1.510 billion) and Dh1.713 billion ($ 0.466 billion) respectively. This was 64 per cent more than the third-quarter revenue of Dh3.379 billion ($0.920 billion) and 7 per cent more than the net profit of Dh1.605 billion ($0.437 billion) for the period ended September 30, 2006.
The fourth-quarter figures represent a growth of 246 per cent in revenue and 65 per cent in net profit, respectively over the fourth-quarter 2005 revenue and profit of Dh1.604 billion ($0.437 billion) and Dh1.041 billion ($0.283 billion) respectively.
Mohamed Ali Alabbar, Chairman, Emaar Properties, said: "2006 has been another defining year for Emaar with our international expansion and diversification strategies coming to fruition. We aligned our fundamentals to achieve our Vision 2010 of becoming one of the most valuable companies in the world."
Alabbar said that Emaar derived growth-impetus from the robust economic climate of Dubai, which was adjudged as the 17th most competitive economy in the world out of 61 top global economies. "The visionary leadership of the UAE Vice-President and Prime Minister and Ruler of Dubai His Highness Shaikh Mohammed bin Rashid Al Maktoum, catalysed the growth of the local economy."
Emaar scaled a significant milestone with Burj Dubai — the super-tower billed to be the tallest in the world — crossing 100 levels. The company also unveiled residential projects in Dubai Marina and Downtown Burj Dubai.
The sale of Emaar's premium properties in Dubai fetched overwhelming investor response. In the UAE, Emaar is also on-schedule with the Dh12 billion ($3.3 billion) Umm Al Quwain Marina project