Dubai-based Emaar Properties recorded a net profit of AED 5.23 bn in 2016, marking a 28% increase from AED 4.08 bn in 2015, Invest-Gate reports.
The company also achieved revenues of AED 15.5 bn in 2016, a 14% increase from 2015’s revenues of AED 13.66 bn, according to the company’s released report.
Emaar’s revenues resulting from the shopping malls, hospitality, entertainment, and leisure sectors amount to a total of AED 5.976 bn, which is similar to revenues made in those same sectors in 2015–these sectors amount 38% of the company’s total group revenue.
The increase in the company’s revenue recurs from real estate projects such as malls and hospitality sectors, increasing net profits by 56% y-o-y in the Q4 of 2016.
The company also records a total revenue of AED 2.665 bn in 2016, amounting to 17% of the total group revenue.
Emaar previously delivered approximately 41,500 residential units, 33,947 of which are in Dubai. The company owns lands worldwide of 190 mn square meters, 25 mn square meters of which are located in UAE.
High-end properties in Dubai recorded sales worth AED 14.4 bn in 2016, marking a 41% increase than sales in 2015 which amounted to a total of AED 10.23 bn.
In the past period, the company has implemented its growth strategies through several projects including Dubai Hills Estate, The Tower in Dubai Creek Harbour, Emaar South, and the Dubai Opera.