Emaar Properties records 31 percent increase in annual net profits
Emaar Properties recorded annual profits of 676 million Emirati dirhams ($184 million) for 2003, a 31 percent increase over 2002’s Dh 317 million turnover.
The company posted a 179 percent increase in revenues last year reaching Dh 3.721 billion from Dh 1.335 billion in 2002. According to Chairman of Emaar Properties Mohamed Ali Alabbar, the earnings per share ratio for 2003 stands at Dh 2.71 compared to Dh 2.03 for 2002.
The financial results include all of Emaar’s subsidiaries – Dubai Bank, Emrill and Sahm Technologies – in addition to Amlak Finance, which will complete a Dh 412.5 million Initial Public Offering (IPO) this week.
Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market. The company’s new corporate logo depicts shafts of sunlight emerging over desert hills. The company has a total asset base of six billion dollars and has several major real estate projects in various stages of completion, including Dubai Marina, Arabian Ranches and Gazelle. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
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