Saturday 24 August 2019

Mohamed Alabbar

Emaar Properties AGM agrees $290m dividend

DUBAI, April 23, 2019

The 23rd Annual General Meeting (AGM) of Emaar Properties today approved the distribution of Dh1.07 billion ($290 million) as dividend to the shareholders, representing 15 per cent of the share capital being 15 fils per share.

The meeting approved the report by the board of directors on the activities and financial position of the company, the auditor’s report, and balance sheet for 2018. KPMG was appointed as the auditor for 2019, reported state news agency Wam.

Addressing the assembly, Mohamed Alabbar, chairman of Emaar Properties, said: "We are thankful to our shareholders for their support that drives our growth and enables us to create long-term value for the company. Since our inception, we have continuously focused on redefining the property, retail and hospitality landscape of Dubai, and distributed Dh19.4 billion in cumulative dividends between 2011 to 2018. We evolve with time, and today, as a future-ready, digital-first organisation, we are committed to creating futuristic residential, retail, entertainment and leisure assets that transform the lifestyles of people globally."

Emaar reported a net profit of Dh7.216 billion ($1.965 billion) in 2018, a 30 per cent increase over 2017, prior to considering the effect of the IPO of Emaar Development and forex movement. Revenue in 2018 was Dh25.694 billion ($6.995 billion), a growth of 37 per cent over the previous year.

Emaar has consistently outperformed itself despite operating in difficult market conditions. Having sold over 30,500 residential units in the past 10 years, recording sales of Dh88.4 billion ($24.07 billion), Emaar’s off-plan sales of Dh14.4 billion ($3.92 billion) in 2018, accounted for more than 65 per cent of the total off-plan sales, valued at Dh21.4 billion ($5.83 billion) in Dubai.

In premium property development, Emaar launched world-class residences in Dubai Creek Harbour, Dubai Hills Estate, Emaar Beachfront, Emaar South, Downtown Dubai and Arabian Ranches during 2018. The first homes in Dubai Creek Harbour will be handed over this year, while Dubai Hills Estate is also coming to life with the opening of the Dubai Hills Golf Club.

Today, Emaar is the world’s largest property company outside China, with a brand value of over $2.7 billion. Emaar is also among the top 10 brands in the Middle East, with its brand value increasing by 39 per cent over 2017. Emaar is also the No 1 listed developer by market capitalisation in the Mena region under MSCI EM Index, and has a landbank of over 1.6 billion sq ft in key markets.


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