Emaar net profit up
Emaar Properties PJSC, the world’s number one property developer, Thursday announced record results for its first quarter 2006. Net profit for the first quarter 2006 reached AED 1.517 billion – an impressive 14 per cent rise on the AED 1.325 billion for the equivalent period of 2005.
During the first quarter 2006, the company reported a 4 per cent rise in gross profit to AED 1.487 billion compared to AED 1.435 billion despite the decline in revenue of 21 per cent to AED 2.239 billion compared to AED 2.837 billion achieved during the same period last year. Annualised Earnings per Share (EPS) for the period is AED 1.04 compared to the actual EPS of AED 0.85 for 2005.
In January this year, the company announced record annual profits of AED 4.731 billion for the year ended December 31, 2005. This corresponded to a net profit increase of 180 per cent for 2005. In March 2006, following the Annual General Meeting (AGM), Emaar also paid out 40 per cent cash dividends to shareholders amounting to AED 2.4 billion which was distributed in the same month.
Emaar’s quarterly profits had crossed over the billion dirham mark since first quarter of 2005 and the company continues to exceed its profitability for this quarter in comparison to first quarter of 2005. Overall, sales for both residential units and land plots continue to remain strong in Dubai. This quarter’s outstanding performance also mirrors the phenomenal growth of the company which has witnessed ambitious ventures into new markets, a consolidation of its presence in North Africa and groundbreaking expansion into the fields of education and healthcare.
Mohamed Ali Alabbar, Chairman of Emaar Properties, attributes Emaar’s continued growth and outstanding performance to the ongoing support and visionary leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, who has steered Dubai and Emaar to new levels of success and created an environment in which entrepreneurialism and business can flourish.
“2005 was a milestone for Emaar in terms of the realization of its vision to be a world class company expanding across the globe. Emaar reaffirmed its position as the world’s leading property developer in 2005 and will expand on its number one status with even more developments planned for the next 12 months,” says Alabbar.