Emaar Properties posts $1.5bn profit for FY2017 as revenue increases by 21%
Emaar Malls also registers double-digit net profit increase
Emaar Properties said it is able to pay shareholders a total of $272.25 million after it revealed that it recorded a net operating profit of $1.553 billion in FY2017, up 16% over FY2016’s net operating profit of $1.339 billion at the company’s 22nd Annual General Meeting (AGM) in Dubai, UAE.
The company told shareholders that total revenue for FY2017 increased by 21% to $5.122 billion from the $4.231 billion posted for 2016.
The payment to shareholders is part of an exceptional cash dividend $1.089 billion from the proceeds of the public offering of shares of Emaar Development, it added. A distribution of $816.8 million in dividend was approved at Emaar’s 21st General Meeting in January this year.
“With a total cash dividend of Dh4 billion approved by the assembly, we are highlighting our commitment to creating outstanding value for our shareholders. We thank them for their trust, which inspires us to focus on our future growth initiatives,” said Chairman of Emaar Properties and Board Member of Emaar Malls. “Our focus is to sustain the momentum through our developments in property, retail and hospitality as well as our international operations. At the current pace, Emaar will grow more than double in the next five years. We invest and seek the best talent, and have reimagined our business for the digital era. In everything we do, we make sure we are relevant to our customers. We are not building for now or for tomorrow but for the future,” he added.
Official UAE news agency WAM has also reported that at the third Annual General Meeting (AGM) of Emaar Malls a dividend amounting to $353.9 million was approved this week.
Emaar Malls recorded a net profit of 566 million in 2017, 11% higher than 2016. Revenue for full-year 2017 was 988 million, a growth of 12%. Gross Leasable Area (GLA) occupancy levels across Emaar Malls assets averaged 94% during 2017, WAM added.
“We are thankful to our shareholders for their support and trust in us, as we continue to focus on creating long-term value for them through our next-generation malls,” said Mohamed Alabbar. ” Today, the key to ensuring the sustained growth of malls is to reinvent themselves with a focus on the aspirations of a new generation of customers. In addition to leveraging digital technology to enhance the customer experience at The Dubai Mall, we aim to redefine the future of retail through our innovative new shopping, leisure and lifestyle destinations in Dubai Hills Estate and Dubai Creek Harbour.”
