Dubai-listed Emaar Properties, the developer of Burj Khalifa, reported a net profit of AED 1.6 billion in the fourth quarter 2016, up 56 percent year-on-year (YoY) on higher revenue from real estate, malls and hospitality businesses.

 

Emaar’s full-year net profit grew 28 percent YoY to AED 5.2 billion, it said in a statement on Tuesday.

 

Fourth quarter revenues rose 16 percent YoY to AED 4.4 billion. Full-year revenues stood at AED 15.5 billion, up 14 percent YoY.

 

Recurring revenues from shopping malls, hospitality, entertainment and leisure businesses was flat at AED 5.9 billion.

 

Emaar’s international operations recorded revenue of AED 2.7 billion in 2016, accounting for 17 percent of total group revenue.

 

The stock closed lower by 0.4 percent at AED 7.6 on Tuesday.

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