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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". 

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Construction Week - Issue 745
Jun 30, 2019