Emaar announces profit of US$633 million

Burj Khalifa is the high point of Emaar's achievements.

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Emaar has announced an annual net operating profit of US$633 million (AED 2.324 billion).

The financial results, announced on Thursday, are for the 12 months ended on 31 December, 2009. Annual revenue for 2009 was US$2.290 billion (AED 8.413 billion). Both revenue and profit figures are lower than those announced in 2008, when the company posted a profit of US$ 1.153 billion (AED 4.236 billion).

A statement from the company pointed out that figures for the final quarter of 2009 showed a distinct increase over comparable 2008 figures, as it endeavoured to demonstrate that things are on the up.

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“Fourth-quarter 2009 net operating profits stood at AED 923 million (US$ 251 million), 41 per cent higher than the third-quarter net operating profit of AED 655 million (US$ 178 million) and 149 per cent higher than the fourth quarter 2008 net operating profit of AED 370 million (US$ 101 million),” the statement said.

“During an especially challenging period for economies across the globe, Emaar contributed to the socioeconomic growth and stability of Dubai by creating more than 12,500 new jobs through our subsidiaries. Domestic growth, catalysed by Burj Khalifa, will be the highlight of this year, as Emaar continues to focus on maximising long-term value for our shareholders,” said Mohamed Alabbar, Chairman, Emaar Properties, in the statement.

The company highlighted the recent opening of the Burj Khalifa as a high point, along with the opening of its first medical centre and two new hotels.