Emaar Properties recorded a net profit of 171 million Emirati dirhams ($46.5 million) for the first quarter of 2003, a 211 percent rise over the equivalent figure for the previous year.
The company also reported a 377 percent year-on-year rise in revenues to Dh 525 million for the same period and annualized Earnings Per Share (EPS) of Dh 2.76 compared to Dh .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.
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 positive.
The next quarter will see the launch of Phase 2 of the Zulal complex, the fourth Lakes neighborhood featuring 306 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 Properties is a Public Joint Stock Company with an asset base of six billion dollars. It is part of the Emaar Group, which is comprised of three more fully owned subsidiaries, Dubai Bank, Amlak Finance and Sahm Technologies in addition to EMRILL, a joint venture with the UK-based Carillion. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
