Middle-east Arab News Opinion | Asharq Al-awsat

Emaar Reports Record profits for First Quarter 2006 - ASHARQ AL-AWSAT English Archive
Select Page

Dubai, Asharq Al-Awsat- Emaar Properties PJSC, today announced record results for its first quarter 2006. Net profit for the first quarter 2006 reached AED 1.517 billion – a 14 per cent rise on the AED 1.325 billion for the equivalent period of 2005.

During the first quarter 2006, the company reported a 4 per cent rise in gross profit to AED 1.487 billion compared to AED 1.435 billion despite the decline in revenue of 21 per cent to AED 2.239 billion compared to AED 2.837 billion achieved during the same period last year. Annualised Earnings per Share (EPS) for the period is AED 1.04 compared to the actual EPS of AED 0.85 for 2005.

In January this year, the company announced record annual profits of AED 4.731 billion for the year ended December 31, 2005. This corresponded to a net profit increase of 180 per cent for 2005. In March 2006, following the Annual General Meeting (AGM), Emaar also paid out 40 per cent cash dividends to shareholders amounting to AED 2.4 billion which was distributed in the same month.

Emaar’s quarterly profits had crossed over the billion dirham mark since first quarter of 2005 and the company continues to exceed its profitability for this quarter in comparison to first quarter of 2005. Overall, sales for both residential units and land plots continue to remain strong in Dubai. This quarter’s outstanding performance also mirrors the phenomenal growth of the company which has witnessed ambitious ventures into new markets, a consolidation of its presence in North Africa and groundbreaking expansion into the fields of education and healthcare.

Mohamed Ali Alabbar, Chairman of Emaar Properties, attributes Emaar’s continued growth to the leadership of HH Sheikh Mohammed bin Rashid Al Maktoum.

“2005 was a milestone for Emaar in terms of the realization of its vision to be a world class company expanding across the globe. Emaar reaffirmed its position as the world’s leading property developer in 2005 and will expand on its number one status with even more developments planned for the next 12 months,” says Alabbar.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube