Emaar Properties announces record net profit
Emaar Properties PJSC Thursday announced a record net profit of AED 1.325 billion for the first quarter of 2005 – an impressive 537 per cent rise over the AED 208 million for the equivalent period of 2004.
The company also reported an impressive 154 per cent rise in revenues to AED 2.837 billion during the first quarter of 2005 compared to AED 1.118 billion during the same period last year. Annualised Earnings Per Share (EPS) for the period reached AED 1.96 compared to AED 0.31 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 splendour.
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 HH Sheikh Mohammed bin Rashid Al Maktoum, who has been the driving force behind Emaar. Under His Highness’ continued guidance and support, Emaar today is one of the leading Developers in the region. “This quarter’s performance reflects His Highness’ true vision and success of Dubai, ” says Mohamed Alabbar.
In January this year, the company announced record annual profits of AED 1.691 billion for the year ended December 31, 2004. This corresponded to a net profit increase of AED 1.015 billion or 150 per cent. Net profit for fiscal 2003 was AED 676 million.
Property revenues increased by AED 1.527 billion or 41 per cent to AED 5.248 billion for the year ended 31 December 2004, as compared to AED 3.721 billion for the year 2003.
Significantly, the Earnings Per Share increased by AED 0.37 per share or 137 per cent, from AED 0.27 per share for the year 2003, to AED 0.64 per share for the year ended 31 December 2004.