Dubai: Emaar Properties focused on business segmentation, international expansion and strong regional partnerships in 2007 to record an annual net profit of $1.790 billion, 3% higher than the net profit of $1.735 billion recorded in 2006 in spite of significantly lower land sales and slowdown of US real estate sector during the year.
Annual revenue increased by 25% to $4.782 billion compared to 3.813 billion in 2006. Earnings per share (EPS) for the year 2007 was $0.29 compared to $0.29 in 2006.
Emaar recorded Q4 revenue and net profit of $1.369 billion and $0.473 billion which translated into a growth of 13% in revenue and 11% in net profit, respectively which was over third quarter 2007 revenue and net profit of $1.214 billion and $0.425 billion.
Emaar’s international operations started contributing positively to the group’s profitability with joint ventures in India and Morocco earning profits during 2007.
Marking its presence as a global conglomerate, Emaar was ranked in the Financial Times Global 500 list, while its flagship development, Burj Dubai, scaled 158 storeys to become the tallest building and free-standing structure in the world. Emaar also ranked in the Top 10 of S&P’s IFCG Extended Frontier 150 Index for frontier equity markets covering constituents from 26 countries.
According to Mohamed Ali Alabbar, chairman, Emaar Properties, “In a tough year for the global property market, our long-term approach of developing lifestyle communities, rather than land sales in our core home market of Dubai held promise for us as it allowed us to forge strategic partnerships in key market positions.”
In India, Emaar MGF has filed the Draft Red Herring Prospectus (DRHP) for an IPO with SEBI and the approval is expected shortly.