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Tuesday22 August 2017

Demand from Asia and Middle East pushes profits up at Zaha Hadid

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Architect racks up near £3 million personal expenses bill

Zaha Hadid’s popularity among clients in Asia and the Middle East continues to grow with the firm’s combined workload in the two regions up by nearly a fifth.

The Middle East remains the single biggest market for the business with the region accounting for 41% of the firm’s turnover, according to the latest report and accounts of Zaha Hadid Holdings which have been filed at Companies House.

Work in the region edged up by just over £1 million in the year to April 2015 but its revenue from Asia was up by a third to just under £17 million.

Overall revenue was up 4.4% to £49.6 million with pre-tax profits up 6% to just over £6 million.

The results also reveal Hadid herself racked up personal expenses of nearly £3 million – from just over £900,000 last time – which were paid for by the group while the company also settled a personal tax bill of £161,000 on her behalf.

Among the schemes the practice is working on in Asia is a 45-storey mixed-use tower in Beijing while elsewhere in the Chinese capital it has designed the world’s largest passenger terminal at the Beijing New Airport Terminal Building.

 

View from East gallery entrance: Science Museum Mathematics Gallery

Source: Zaha Hadid Architects

The new maths gallery at the Science Museum in London is one of the few UK schemes the firm is working on

 

Workloads from the US were down from £4.4 million to £3.7 million while the firm’s UK business accounted for just £442,000 of revenue – down from the near £1 million last time, with its high-profile, new maths gallery at the Science Museum in London due to open later this year.

In a statement accompanying the accounts, Hadid, who last week was formally awarded this year’s Royal Gold Medal by the RIBA, said: “ZHG achieved notable successes in established, developing and new global markets, while its completed worldwide projects demonstrate an on-going commitment to the highest standards of design, construction and sustainability.”

The number of staff at the business slipped slightly to 401 from 418 but its wage bill went up from £15 million to £16.9 million.

The accounts also reveal that the company paid an interim dividend of just over £1 million. Accounts for its main subsidiary, Zaha Hadid Ltd, show that it paid an interim dividend of £4 million.

 

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Readers' comments (12)

  • 'The results also reveal Hadid herself racked up personal expenses of nearly £3 million – from just over £900,000 last time – which were paid for by the group while the company also settled a personal tax bill of £161,000 on her behalf.'

    This is just greedy. Personal expenses equaling half of total pre tax profits. I suppose if you own a company you can get said company to pay your personal tax bill as well?

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  • Freddie Ridley-Hampton

    Yah that's like £8k a day. Even uncle Dickie doesn't spend that when holidaying in Padstow.

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  • SomeoneStoleMyNick

    Oops- I initially misread that as "pushes profits up Zaha Hadid". Pardon me.

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  • casual observer

    Good news on the wages though.

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  • Sebastian Cuff

    I though for a moment that Uncle Dickie was down on his luck holidaying in Plaistow? Would not be good for his dicky leg.

    £8k a day is more like an oligarch than an architect. What is she up to?

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  • SomeoneStoleMyNick

    In fact some of her best clients are oligarchs and dictators. Which is where the money is coming from.

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  • Stewie

    Maths gallery looks like the set from Micheal Jackson's Scream Video

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  • £3 million : just think of all the psychology/engineering/catering costs needed to maintain floatation/equilibrium of the ego involved here? Single-handedly, she is underwriting the parachute industry in the UK!? Obscene : metamorphosing into her client profile? An Oligarctator?

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  • Maths gallery looks rude

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  • Stewie

    Ah, then perhaps I won't see Zaha jumping round there in tight leathers

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