Emaar profits soar by 35% as firm shows 2006 strength
International expansion and global acquisitions increase profit by 35% in 2006.
Massive international expansion and global acquisitions increased Emaar Properties' profit by 35% to US $1.7 billion (AED6.37 billion) in 2006, compared with $1.2 billion the previous year, the company said in a statement.
Last year, Emaar announced major international projects worth $100 billion in Morocco, Algeria, Tunisia, Egypt, Syria, Saudi Arabia, Turkey, India and Pakistan.
"We aligned our fundamentals to achieve our Vision 2010 of becoming one of the most valuable companies in the world," said Mohammad Ali Alabbar, chairman, Emaar Properties.
Sorouh scores strong profit as Abu Dhabi rolls forward Abu Dhabi-based developer Sorouh Real Estate has announced a net profit of US $265 million (AED976 million) from July 2005 to 31 December 2006.
"At the end of the third quarter, I predicted that the financial results at year end would reflect the significant investments we have made in our projects.
The strong growth in the company's assets and the increase in value of investment property shown on our balance sheet are direct results of the achievements on the ground," said Saeed Al-Ghafli, chairman, Sorouh Real Estate.