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Abu Dhabi, UAESunday 16 December 2018

Emaar Properties says 2017 net profit was $1.55bn not $1.8bn

Real estate developer clarifies profit figure after statement made at conference

Emaar Properties says 2017 net profit was $1.55 billion. Karim Sahib / AFP
Emaar Properties says 2017 net profit was $1.55 billion. Karim Sahib / AFP

Emaar Properties, the biggest publicly traded real estate company in the UAE, said net profit for 2017 was $1.55 billion and not $1.8bn as stated in a conference held last week, which was earnings before depreciation and amortisation. No comparable figure was provided for the previous year.

"The company would like to clarify that the amount of profit mentioned during that conference is an approximate amount of cash profit for the year 2017, being the earnings before depreciation and amortization and not the net profit," said Ayman Hamdy, general counsel and board secretary at Emaar in a statement to the Dubai Financial Market.

"The net profit of the company for the year 2017 is USD1.55b," Mr Hamdy added.

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The company did not give details about the conference or who commented on the earnings for last year. Emaar has yet to report fourth quarter earnings for 2017.