Dubai – Mubasher: Emaar Properties’ net profits grew by 1% to AED 6.200 billion ($1.688 billion) in fiscal year 2019 from AED 6.139 billion ($1.671 billion) in 2018, according to the company’s preliminary unaudited financial results for 2019.
The company posted AED 24.586 billion ($6.694 billion) revenues in 2019, down from AED 25.694 billion in the prior year.
Emaar’s 2019 positive performance is driven by AED 14.949 billion ($4.070 billion) property sales in Dubai, backed by its continued investment in customer-centric innovation as well as interest from foreign investors in residential and commercial developments.
Meanwhile, the earnings per share (EPS) inched up by 1% to AED 0.87 last year from AED 0.86 in 2018.
The chairman of Emaar Properties and Emaar Development, Mohamed Alabbar, commented: “Each year we set the bar higher, raising expectations across the business to ensure Emaar maintains the level of excellence the brand is synonymous with.”
Alabbar added: “Optimising resources, improving efficiency and maximising our productivity has directly contributed to enhancing our performance and positively impacted our results.”
It is noteworthy to mention that during the first nine months of 2019, Emaar Development’s net profits jumped to AED 2.070 billion.
