Emaar's Saudi unit sees 129% rise in net profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Of all the developments in the GCC, by far the largest is Saudi's King Abdullah Economic City, slated to cost around $120bn.

Of all the developments in the GCC, by far the largest is Saudi's King Abdullah Economic City, slated to cost around $120bn.

An Emaar Properties unit in charge of developing the King Abdullah Economic City (KAEC) in Saudi Arabia on Saturday said its net profit for 2012 more than doubled those in the previous year.

Emaar The Economic City Company said in a statement on the Saudi bourse that net income for the year totalled SR189.20m, compared to SR82.55m in 2011, an increase of 129 percent.

Operating profit for 2012 was SR219.40m, compared to SR124.78m the previous year, an increase of 76 percent, the company added.

It said the reason for the increase in profit was due to improved sales activity, primarily attributable to an increase in revenue from residential units and industrial plot sales.

The real estate company also said the net increase in total expenses seen in 2012 was in line with the rise in operations and sales.

Emaar Economic City leads the master-planning and development of the 168 million sq m King Abdullah Economic City, a project being built in the north of Jeddah.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

Heading for a correction?

Heading for a correction?

Property prices may have held relatively steady in Lebanon during...

Emaar's 'city of the future' explained

Emaar's 'city of the future' explained

The Iraqi city of Erbil is aiming to build on Dubai’s rapid march...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams