Mubasher: MubasherTrade affirmed the price target (PT) of Emaar Properties at AED 9.48, while maintaining its “Buy” recommendation, according to a statement.

The real estate developer reported a 28% year-on-year increase in its bottom line to reach AED 5.23 billion in 2016, in line with MubasherTrade estimates of AED 5.28 billion.

Revenues increased by 14% YoY to AED 15.54 billion in 2016, below MTRe of AED 16.86 billion by 8%.

Dubai’s property sales reached AED 14.4 billion in 2016, up 41% from AED 10.23 billion in the previous year, backed by continuing investments in premium real estate.

The real estate developer maintained a healthy backlog of AED 42.98 billion that will be recognized in the upcoming few years.