DUBAI, 8 April 2005 — EMAAR Properties, which is building what is projected to be the world’s tallest skyscraper, announced yesterday record first quarter net profits of 1.32 billion UAE dirhams ($360 million), a whopping 537 percent rise over the 208 million dirham for the equivalent period of 2004.
The company also reported a 154 percent rise in revenues to 2.84 billion dirham during the first quarter of 2005 compared to 1.12 billion dirham during the same period last year. Annualized Earnings Per Share (EPS) for the period reached 1.96 dirham compared to 0.31 dirham for the first quarter of 2004.
This quarter’s outstanding performance mirrors the phenomenal growth of the company, which has been driven by the success of its world-class projects coupled with high investor demand in the domestic real estate market. EMAAR aims to sustain this dynamic growth by launching new and innovative high quality developments, delivering it on schedule and meeting business targets to ensure sustained growth in shareholders value.
The first three months of the year witnessed a host of new project launches and significant initiatives by the region’s largest lifestyle property developer.
Besides announcing the company’s entry into the manufacturing sector, EMAAR also launched Mirador at the Arabian Ranches, the region’s authentic Spanish masterpiece homes.
The finely detailed golf villas, replete with old style chimneys peering out of terracotta roofs and arched windows are specially crafted for the connoisseur of style and best typify the character and essence of Spanish architectural splendor.
Other significant launches which received overwhelming response included Arno at the Views, the Burj Views, Palmera at the Ranches and Travo.
Mohamed Alabbar, chairman of Emaar Properties, attributes this excellent performance and Emaar’s success to Sheikh Mohammed ibn Rashid Al Maktoum, who has been the driving force behind Emaar.
“Under his continued guidance and support, Emaar today is one of the leading Developers in the region. This quarter’s performance reflects his true vision and success of Dubai,” says Mohamed Alabbar.
Revenues rose 154 percent to 2.83 billion dirhams ($770 million) compared to the corresponding period in 2004, said EMAAR, which last year posted net profits of 1.69 billion dirhams ($460 million). Earnings per share reached 1.96 dirhams.
When completed, EMAAR’s Burj Dubai tower will stand some 800 meters (2,500 feet) high, comfortably taller than any building currently standing.