Real estate developer Emaar Properties recorded annual profits of 517 million Emirati dirhams ($140.7 million) for 2002 compared to Dh 342 million in 2001, a 51 percent growth. The financial results include the results of all its subsidiaries.
The company’s Board of Directors has proposed a total dividend of 10 percent for the year amounting to one dirham per share, to be approved by the company’s shareholders at the annual general meeting to be held on February 24.
According to Emaar Chairman Mohamed Ali Alabbar, the
company’s annual revenues increased by 63 percent reaching Dh 1.3 billion last year. Profits from the operation were up 163 percent.
“The annual results are all the more significant because interest earned from fixed deposits with banks has reduced by 63 percent compared to the same period in the previous comparable accounting period. Interest earned from fixed deposits in 2001 amounted to Dh 156 million compared with Dh 58 million in 2002,” added Alabbar.
The Emaar Group, which comprises fully owned subsidiaries Dubai Bank, Amlak Finance, Sahm Technologies and a joint venture Emrill, sounded a buoyant note on its outlook for 2003. “The company expects to record a 25 percent growth in net profits in 2003,” said the Chairman.
Emaar Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With the government of Dubai as its largest shareholder, the company currently has eight major real estate projects under development including the Arabian Ranches, Dubai Marina, Emirates Hills, the Lakes, the Meadows, the Springs, the Greens and Emaar Towers. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
