Dubai – Mubasher: A spokeswoman for Emaar Properties has revealed that the company’s estimated profits for the full year 2017 were before depreciation, Reuters reported on Sunday.
The comment comes as a clarification to a statement made Wednesday by Emaar Properties’ chairman Mohamed Alabbar who had said that the Dubai-based developer had made $1.8 billion in profit in 2017 and nearly $5 billion in sales.
Emaar Properties had previously reported $1.43 billion in profits in the full year 2016 as well as $3.92 billion in sales.
"We've been growing about 20% to 25% on an annual basis," Alabbar said on Wednesday, noting that such increases came on the back of Emaar’s investments and operations in several countries including Egypt, Saudi Arabia, Morocco, Turkey, Pakistan, India, as well as the UAE.
Emaar Properties, the developer behind the world’s tallest tower, the 160-storey Burj Khalifa, is expected to formally announce its results for the full year 2017 in the coming days.
