DUBAI, 30 January 2007 — Emaar Properties PJSC has recorded an impressive 35 percent growth in annual profit in 2006 amounting to AED6.371 billion ($1.735 billion) compared to AED4.731 billion ($1.288 billion) in 2005.
Annual revenue increased by 68 percent from AED8.361 billion ($2.276 billion) to AED14.006 billion ($3.813 billion). Earnings per share reached AED1.06 ($0.29) compared to AED0.85 ($0.23) in 2005. In fourth-quarter, revenue amounted to AED5.548 billion ($1.510 billion), a 64 percent increase from AED3.379 billion ($0.920 billion) recorded in the third quarter. Net profits totaled AED1.713 billion ($0.466 billion), a seven percent rise from AED1.605 billion ($0.437 billion) incurred in the previous period. The fourth-quarter figures represent a 246 percent growth in revenue and 65 percent in net profit, respectively, over the fourth-quarter 2005 revenue and profit of AED1.604 billion ($0.437 billion) and AED1.041 billion ($0.283 billion).
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.”
Emaar derived growth-impetus from the robust economy of Dubai, which was adjudged as the 17th most competitive economy in the world. “The visionary leadership of UAE vice president and prime minister and ruler of Dubai Sheikh Mohammed ibn Rashid Al-Maktoum catalyzed the growth of the local economy.