Dubai, UAE, November 5, 2007: Emaar Properties PJSC will gain contributions to its revenue from the company’s international operations by the second half of 2008. This takes Emaar closer to achieving its objective of becoming one of the world’s most valuable companies by 2010.
Emaar detailed its growth and expansion strategies at an Analyst Call held on Monday evening that was addressed by senior Emaar executives. The Analyst Call was organised as part of the company’s Investor Relations and Corporate Governance programme. Several market analysts phoned in with queries on Emaar’s growth plans.
The Analyst Call also highlighted the growing presence of Emaar in India, where Emaar MGF Land Private Limited, the company’s joint venture with MGF Developments Limited of India, has filed a Red Herring prospectus with Securities and Exchange Board of India (SEBI) to go public.
Emaar also revealed that the recently launched Armani Residences at Burj Dubai has set a new benchmark for super prime residential property rates in Dubai. The record-breaking rates place Dubai among the global Super Prime elite.
Arif Amiri, Director – Investor Relations, Corporate Governance and Business Development, Emaar Properties, said: “Emaar’s Q3 2007 results reflect the overwhelming response to our international sales launches in Saudi Arabia, Egypt, Syria, Morocco, Turkey and India, which fetched over 71 per cent sell-out response. This is indicative of the direction of growth of Emaar’s international operations in the coming months and our success in replicating our Dubai business model into other markets.”
Emaar Properties announced the revenue and net profits of AED 12.537 billion (US$ 3.413 billion) and AED 4.839 billion (US$ 1.317 billion) respectively for the first nine months of the year. The third quarter, 2007 revenue and net profits are AED 4.459 billion (US$ 1.214 billion) and AED 1.560 billion (US$ 0.425 billion) respectively. The company’s year-on-year revenues are up by 48 per cent, gross profits gained by 5 per cent and net profits are up by 4 per cent.
With the launch of new projects, including the Bawadi development in Dubai that enhanced the company’s land bank in Dubai by 76 per cent, and other overseas ventures, the company expects gross margins to remain robust.
Emaar is the first real estate company from the Middle East and North Africa region, the Indian Subcontinent and Europe to be listed in Financial Times Global 500 Index, and is on course to achieve its Vision 2010 to become one of the most valuable companies in the world by the end of the decade.
