By: Amr Adel

Dubai – Mubasher: Emaar Properties is targeting a 12% increase in its profits in 2015, said the company’s chairman, Mohamed Al-Abbar.

Speaking on the sidelines of the company’s ordinary general meeting, Al-Abbar added that Emaar plans to achieve AED3.69 billion in profits by the end of 2015..

The Dubai-listed developer reported a 45% surge in its net profits for 2014, reaching AED 3.7 billion against AED 2.54 billion in 2013. It also achieved profits of AED 861 million in Q4-14, compared to AED 756 million in the same period in 2013.

Oman Arab Bank recently set the target price of Emaar’s stock at AED 9.6. The bank said it expects Emaar’s revenues to increase by the end of 2015 to AED 10.5 billion, compared to AED 9.9 billion in 2014, whereas net income is expected to decline to AED 2.8 billion in 2015, compared to AED 3.3 billion in 2014.

Emaar’s capital amounts to AED 7.159 billion, divided on 7.159 billion shares at par value of AED 1 per share.

Translated by: Nada Adel Sobhi