Emaar: Financial Dominance
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 14 November 2007
UAE property giant, Emaar, has witnessed tremendous growth since its inception in 1997, posting record profits over the last three years.
Ranked 462 in the eleventh Financial Times Global 500, Emaar's market capitalisation as of June 30 this year was $19.6 billion (AED 72.2 billion).
The largest phase of the Dubai property boom has driven revenues sky high for Emaar, which has posted gross profits of $601 million in 2004, $1.3 billion in 2005 and close to $1.9 billion last year.
Net profit over the same period increased from $460 million in 2004 to $1.28 billion in 2005 and $1.73 billion as of December 31 last year.
Total assets of the company have been expanding exponentially over this period. In 2004 the company had $3.6 billion worth of assets. In 2005 that number had grown to $8.7 billion and by December 31 of last year, the total assets under control by Emaar was valued at $11.35 billion.
At present, the Dubai Government owns just under a third of the company (32%) with public shareholders taking the remaining 68%.
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