UAE's Emaar Properties reports 63% increase in profits
Emaar Properties, the UAE-based property developer, has announced an impressive net profit of Dh 523 million for the half year of 2004 – a remarkable 63 per cent rise over Dh 320 million for 2003.
The Company also reported a 76 per cent year-on-year rise in revenues to Dh 2.43 billion for the same period (Dh 1.38 billion in H1 2003) and annualised Earnings Per Share (EPS) of Dh 3.95 compared to Dh 2.57 for the half year of 2003. Emaar’s EPS has trended consistently upward since the Company was launched in 1997.
The Company’s projects met business targets, which ensure sustained growth in the business and increase in shareholder value. In the same period, Emaar launched the ambitious Downtown at Burj Dubai and signalled the start of activities linked to The Dubai Mall with the official launch of the Dubai Mall Leasing Centre.
Moving ahead with its global activities, Emaar signed up with Cluttons in UK and with Engel-Voelkers in Europe to handle the marketing of its properties in UK, Germany, Austria, Switzerland and Liechtenstein.
The current quarter will see the launch of Al Majara Towers at the Dubai Marina, Emaar’s unique waterfront development. Already, the company has launched Residences II at the Burj Dubai Development and Gazelle II at the Arabian Ranches.
At the recently held Extraordinary General Meeting the shareholders ratified the split in nominal value of the Company's share aimed at enhancing the value of the shareholders and the Company by ensuring the availability of the shares. (menareport.com)
© 2004 Mena Report (www.menareport.com)