Emaar Properties reported a full-year profit of $1.5bn (AED5.7bn), up 16 percent on the previous year.
The full-year revenue for 2017 was $5.1bn (AED18.8bn), an increase of 21 percent on 2016.
Emaar raised $1.3 billion in November when it sold a 20 percent stake, or 800 million shares, in a listing of unit Emaar Development.
Chairman Mohamed Alabbar said last week he was worried about 2019 and would prefer to keep debt levels "reasonable."
Emaar Development reported this month a 30 percent increase in 2017 profit to 2.74 billion dirham. Emaar Malls, another unit, reported a 27 percent rise in fourth quarter profit to 574 million dirhams.
Emaar Properties is part of a joint-venture building The Tower in Dubai, which it has said would be the world's tallest tower, outdoing the more than 160-storey Burj Khalifa, built by the developer.
The Tower at Dubai Creek Harbour is scheduled to be completed in 2020.
Alabbar said Emaar’s “significant sales backlog and a robust development pipeline in the UAE and in high-growth international markets” will ensure the company continues its growth strategy.
Emaar’s hospitality & leisure, commercial leasing and entertainment businesses recorded revenue of $741m (AED2.7bn) in the full-year 2017.
The three hotel brands – Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels recorded an average occupancy of 79 percent, higher than Dubai’s industry average.
Emaar Hospitality Group opened three new hotels in 2017 – Address Boulevard in Downtown Dubai, Rove Healthcare City and Rove Trade Centre. The group has a number of upcoming hotel projects in the UAE and other international markets including Saudi Arabia, Turkey, Egypt, Bahrain and The Maldives.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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