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FINANCIAL NEWS
129% hike in Emaar’s Saudi business 2012 profit
24 Feb 2013
(MENAFN) Emaar The Economic City Company, the Saudi unit of UAE’s Emaar Properties, announced that its net profit soared by 129 percent in 2012 to USD50.38 million from USD21.98 million in 2011, reported Arabian Business.
The company, which is responsible for developing the 168 million sq m King Abdullah Economic City (KAEC) in the north of Jeddah, attributed the growth to enhanced sales activity; which resulted mainly from higher revenue from residential units and industrial plot sales.
The year’s operating profit surged by 76 percent to USD58.42 million from USD33.22 million in 2011.
It is worth noting that the net growth in total expenses came in line with the increase in operations and sales, according to the company.
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