EMAAR reports AED 171 million in net profit for first quarter 2003

The company also reported an impressive 377 per cent year-on-year rise in revenues to AED 525 million for the same period and annualised Earnings Per Share (EPS) of AED 2.76 compared to AED 0.85 for the first quarter of 2002.

The company's latest EPS is the highest reported to date. EMAAR's EPS has trended consistently upward since the company was launched in 1997.

Commenting on the results, EMAAR Chairman Mohamed Ali Alabbar said: "The company's excellent performance reflects the successful launch of several major projects and a healthy growth in demand in the domestic real estate market. EMAAR continues to meet its business targets and project schedule timelines, demonstrating an ongoing commitment to creating shareholder value."

During the first three months of the year, the company handed over Phase 1B of The Meadows project, and Phase 1 of the Zulal luxury villa complex at The Lakes to its customers, and launched the Arabian Ranches development and the Gazelle project. The market response to all of these offerings has been extremely positive and strong.

The next quarter will see the launch of Phase 2 of the Zulal complex, the fourth Lakes neighbourhood featuring 306 premium quality villas in total, which is scheduled for completion by the summer of 2003. The company is readying for the handover of the first phase of The Greens apartment development by end May 2003.

EMAAR reported a record net profit for the year 2002 of AED 517 million and distributed a 10 per cent dividend on the back of a 63 per cent rise in revenues. This compared very favourably to the AED 342 million net profit of 2001.

The EMAAR Group comprises three fully owned subsidiaries, Dubai Bank, Amlak Finance and Sahm Technologies in addition to EMRILL, a joint venture with the UK-based Carillion plc. The first quarterly results announced today reflect the performance of the EMAAR Group. The company, which comprises more than 41,000 shareholders, the majority of whom are UAE nationals, has contributed significantly to invigorating the domestic real estate sector and sets a new standard for the contribution of the private sector to economic growth.