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Emaar Properties FY'17 net profit up 9% YOY

Real estate developer Emaar Properties PJSC reported unaudited net profit for the full year 2017 of 5.70 billion United Arab Emirates dirhams, up 9% from 5.23 billion dirhams in 2016.

Revenue for the year came to 18.81 billion dirhams, reflecting a 21% rise year over year.

During the fourth quarter of 2017, net profit fell 16% year-over-year to 1.36 billion dirhams from 1.61 billion dirhams. The metric was down 10% from the third quarter of 2017. Fourth-quarter revenue was up 21% to 5.36 billion dirhams from the comparable 2016 quarter.

The Dubai company's property development arm Emaar Development PJSC, which went public in Dubai in 2017, booked a 28% year-over-year increase in revenue to 8.86 billion dirhams.

For the full year 2017, the company said its Dubai property sales surged 25% year over year to 18.03 billion dirhams.

As of Feb. 13, US$1 was equivalent to 3.67 United Arab Emirates dirhams.