A major fire damaged Emaar's The Address hotel in Downtown Dubai in 2015

A major fire damaged Emaar's The Address hotel in Downtown Dubai in 2015

Dubai-based property development firm Emaar Properties has announced a 28% rise in its profit for 2016.

In the company’s year-end results, it recorded a total net profit of US$1.4 billion, up from US$1.1 billion in 2015.

Revenues for Emaar in 2016, totalled US$4.2 billion, 14% higher than the previous year’s US$3.7 billion.

In terms of the company’s recurring revenues, which come from its interests in shopping malls, hospitality and leisure businesses, Emaar said they were similar to 2015, despite extensive redevelopment work that has been carried out at The Address in Downtown Dubai, following a major fire there on New Year’s Eve, 2015.

The statement from Emaar also revealed that its profit in the fourth quarter of 2016, stood at US$439 million, up 56%, compared with the same period in 2015.

The company said its investments in premium real estate had “contributed to robust property sales in Dubai during 2016".

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