DUBAI, 17 January 2008 — Emaar Properties, one of the world’s largest real estate companies focused on business segmentation, international expansion and strong regional partnerships in 2007 to record annual net profits of AED 6.575 billion ($1.790 billion), 3 percent higher than the net profit of AED 6.371 billion ($1.735 billion) recorded in 2006 in spite of significantly lower land sales and slow down of US Real Estate sector during 2007.
Annual revenue increased by 25 percent to AED 17.566 billion ($ 4.782 billion) compared to AED 14 billion ($3.813 billion) in 2006. Earnings per share (EPS) for the year 2007 was AED 1.08 ($ 0.29) compared to AED 1.05 ($ 0.29) in 2006.
Emaar recorded fourth-quarter revenue and net profits of AED 5.029 billion ($1.369 billion) and AED 1.736 billion ($0.473 billion). These represent a growth of 13 percent in revenue and 11 percent in net profit, respectively, over third quarter 2007 revenue and net profit of AED 4.459 billion ($1.214 billion) and AED 1.560 billion ($0.425 billion).
Emaar’s international operations started contributing positively to the group’s profitability with joint ventures in India and Morocco earning profits during 2007.
Marking its presence as a global conglomerate, Emaar was ranked in the Financial Times Global 500 list, while its flagship development, Burj Dubai, scaled 158 storys to become the tallest building and free-standing structure in the world. Emaar also ranked in the Top 10 of S&P’s IFCG Extended Frontier 150 Index for frontier equity markets covering constituents from 26 countries.
Mohamed Ali Alabbar, chairman, Emaar Properties, said in a press statement: “In a tough year for the global property market, Emaar recorded impressive financials — testament to the strong fundamentals that drive the company. Emaar’s long-term approach of developing lifestyle communities, rather than land sales in its core home market of Dubai, and forming strategic partnerships in key markets positions the company in a robust position to achieve its Vision 2010 of becoming one of the most valuable companies in the world.”
