Built to inform

Sign up for the daily newsletters

No, Thank you

Dubai's Emaar posts $1.55bn net profit in 2017

The firm recorded almost $5bn in sales in 2017, according to Emaar chairman, Mohamed Alabbar

Emaar Properties is the developer of Burj Khalifa.
Emaar Properties is the developer of Burj Khalifa.

Dubai-headquartered developer, Emaar Properties, has clarified the value of its net profit for 2017. 

The company's net profit for the year amounts to $1.55bn (AED5.7bn). 

It was previously reported that the development giant had posted $1.8bn (AED6.6bn) in profit last year. 

READ: Dubai's Emaar Properties posts $1.8bn profit in 2017

At a conference held last week, Emaar chairman, Mohamed Alabbar, added that the firm recorded almost $5bn (AED18.4bn) in sales in 2017. 

On 11 February, 2018, Emaar, the developer of Burj Khalifa (pictured), stated that the amount mentioned last week was "an approximate amount of cash profit".

Emaar's statement added: "The amount of profit mentioned during that conference [$1.8bn] is an approximate amount of cash profit for the year 2017, being the earnings before depreciation and amortisation, and not net profit.

"The net profit of the company for the year 2017 is $1.55bn," Emaar added. 

According to a Reuters report, cited by Arabian Business, Alabbar said at the conference that Emaar had "been growing about 20% to 25% on an annual basis". 

Most popular

Awards

The road to gender equality in Middle East construction
The story behind the CW Awards' Rising Star accolade, each of which has to date

Conferences

Leaders Kuwait 2018: New Kuwait 2035 needs smart city-led contracts
Localisation and contract modernisation are essential for Kuwait's diversification strategy
Construction Week's Leaders Kuwait 2018 summit opens
Speakers from Kuwait's Supreme Council for Planning and Development and CSCEC ME are at today's

Latest Issue

Construction Week - Issue 738
Apr 21, 2019