Emaar announces 28% YoY net profit hike in 2016
Recurring revenues from Emaar's shopping malls, hospitality, entertainment, and leisure businesses was "similar to 2015" despite The Address Downtown Dubai's redevelopment works
Emaar Properties recorded $1.4bn (AED5.2bn) in net profit for 2016, 28% higher than 2015's $1.1bn (AED4.08bn).
The company's revenues in 2016 amounted to $4.2bn (AED15.5bn), a 14% year-on-year (YoY) hike over 2015's revenues of $3.7bn (AED13.6bn).
Recurring revenues from Emaar’s shopping malls, hospitality, entertainment, and leisure businesses for 2016 equalled $1.6bn (AED5.97bn), which the company says is "similar to 2015" figures despite redevelopment work underway at The Address Downtown Dubai.
Emaar's recurring revenue businesses and international operations respectively account for 38% and 17% of the group's revenue.
The company's YoY Q4 performance increased by 56% to $439m (AED1.6bn), compared to Q4 2015's $281m (AED1.03bn).
Investments in "premium real estate contributed to robust property sales in Dubai during 2016", worth $3.92bn (AED14.4bn) in 2016, a 41% hike compared to 2015's sales worth $2.79bn (AED10.23bn).
The group's backlog is worth $11.7bn (AED42.9bn), a company statement revealed.