Dubai developer Emaar Properties says it made a net profit of AED5.233bn ($1.425bn) during 2016, up 28 per cent on the 2015 net profit of AED4.082bn.

The 2016 revenues were AED15.540bn, up 14 per on 2015 revenues of AED13.661bn.

Recurring revenues from shopping malls, hospitality, entertainment, and leisure businesses accounted for AED5.976bn, or 38 per cent, of total revenues. The recurring revenues total was similar to the 2015 figure, despite the ongoing redevelopment at The Address Downtown Dubai, which caught fire on New Year’s Eve 2015.

Emaar’s international operations recorded revenue of AED2.665bn during 2016, which is 17 per cent of the total revenue.

The fourth quarter profits increased 56 per cent year-on-year to AED1.613bn, up from AED1.034bn during the same period of 2015. The fourth quarter 2016 number was also 41 per cent higher than the third quarter 2016 net profit of AED1.145bn.

Revenues grew less strongly. For the fourth quarter of 2016, revenue was AED4.437bn up 16 per cent on the fourth quarter 2015 revenue of AED3.812bn, and 15 per cent more than the third quarter 2016 revenue of AED3.846bn.