Revenue were up 160 per cent on the same period last year to AED 2.392 billion, while annualised earnings per share increased to AED 2.70 from AED 2.04 for the same period last year.
Commenting on the company's performance, EMAAR Chairman Mohamed Ali Alabbar said: "This is another excellent set of results for the company, and a tribute to the hard work and commitment of our employees. Whole new opportunities are opening up with new possibilities for real estate ownership in the UAE. EMAAR will be prepared for the huge potential that this represents."
The company's particularly strong showing comes as it launches several new projects to catch the imagination of the commercial and residential real estate sectors in Dubai and the UAE. Burj Dubai, planned as the world's tallest skyscraper, will be the lynchpin of a laterally innovative master-planned community that will soon become the focal point of Dubai's new growth corridor.
"Our company mission is about shaping Dubai's future. EMAAR believes that the Burj Dubai project will set the seal on Dubai's status as the Middle East's commercial and real estate hub. As the newest jewel in the city's crown of world-class real estate projects, Dubai's skyline will become even more obviously recognisable than ever," said Mr. Alabbar.
Most relevantly perhaps, it is important to note that EMAAR has delivered on various projects including the prestigious Dubai Marina project, where homeowners are now taking delivery of luxury homes on the waterfront. Buyers are also taking delivery of The Meadows homes and many more such homes will be delivered in the months to come.
During the third quarter of this year, a first wave of apartments has been readily snapped up during EMAAR's pioneering Rent-to-Own scheme for The Greens. Further apartments are scheduled for completion next April.
EMAAR has 10 major residential and commercial projects under development, each offering new standards in exclusivity, coupled with affordability and catering to the varied tastes of Dubai's multi-ethnic community. EMAAR Towers is a landmark new project in downtown Bur Dubai, while the Dubai Marina project has won plaudits for breaking new ground between Dubai and Jebel Ali Free Zone.
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EMAAR cross Dirham half billion mark in record nine month results
- United Arab Emirates: Sunday, October 19 - 2003 at 11:22
- PRESS RELEASE
EMAAR Properties PJSC, the leading regional real estate development company, today announced record net profit of AED 503 million for the nine month period ending September 30, 2003, up 24 percent on the same period last year.
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Formed in 1997, the EMAAR Group includes fully-owned subsidiaries Dubai Bank; Amlak Finance, a pioneer of mortgage provision in the emirate; Sahm Technologies, a communications company and Emrill, a joint venture with UK-based Carillion Plc, which provides innovative property and facilities management services.The company has more than 41,000 shareholders, most of them UAE nationals. It has energized the Dubai real estate sector through the innovation in design and the sheer breath of real estate products it is bringing to market.
About EMAAR Properties PJSC: EMAAR Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With an asset base of USD 6 billion including the land bank, the Company's vision is to 'Shape the Future of Dubai' by focusing on innovation, meticulous planning and the continuous pursuit of excellence. The Company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base.
Currently, it has ten major real estate projects under various stages of development. These developments include Dubai Marina, Arabian Ranches (including Gazelle), Emirates Hills, The Meadows, The Springs, The Lakes (including Hattan Homes), The Greens and EMAAR Towers in downtown Dubai. The company also owns and manages the Gold and Diamond Park and will soon launch on its ambitious plans to build Burj Dubai - the tallest skyscraper in the world.
While EMAAR continues to actively pursue expansion in its core business of innovative, high quality real estate development it has diversified into related business lines to further build value for its 41,000 shareholders. In line with this corporate belief, EMAAR also owns and manages four subsidiaries - Dubai Bank, focused on retail and commercial banking, Amlak Finance, the UAE's first and only mortgage finance company, EMRILL, a joint venture with the UK-based Carillion plc which provides innovative property and facilities management services, and it technology and communications company, Sahm Technologies.
For further information, please contact:
Christa Vander/Sameh Hamtini
ASDA'A Public Relations
Burson-Marsteller exclusive Middle East affiliate
Dubai, UAE
Tel: +971-4-3355969, Fax: +971-4-3356080
Malika Bseiso
EMAAR Properties
Tel: +971-4-399 3366
Fax: +971-4-399 2292
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, October 19 - 2003 at 11:22 UAE local time (GMT+4)
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