Friday 24 May 2024

Emaar Properties sales jump 60%; $1.2bn dividend approved

DUBAI, April 23, 2024

Emaar Properties Annual General Meeting (AGM), held in Dubai on Monday approved the Board of Directors' proposal for a notable dividend of 50 fils per share amounting to AED4.4 billion ($1.2 billion) for 2023.
This dividend underscores the company's robust profitability and commitment to shareholder returns and reflects the company’s strong financial health, said an Emaar statement.
Both the auditor's report and the board's report on the company's activities and financial position for the year 2023 were approved at the meeting.
During the AGM, shareholders also voted to appoint new board members to spearhead the company’s growth strategy. The new Board of Directors are: Mohamed Ali Rashed Alabbar, Jamal Majed Khalfan Bin Theniyah, Ahmed Jamal Hassan Jawa, Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Abdulla Ali Ahmad Bin Zayed Alfalasi, Ahmad Saeed Obaid Bin Meshar Almheiri, Omar Hamad Abdulla Hamad BuShahab, and Mohammad Omar Karim.
At the AGM, the Board of Directors reported the company's strong performance in 2023 and discussed the  measures taken to ensure continued robust business performance throughout the year.
Emaar's performance in 2023 was marked by robust group real estate sales, amounting to AED40.3 billion ($11 billion) with AED37.4 billion ($10.2 billion) in domestic market, demonstrating sustained customer trust in the Emaar brand and its management's innovation and quality. Emaar recorded revenues of AED26.7 billion ($7.3 billion) and net profit of AED11.6 billion ($3.2 billion) in 2023 achieving growth of 7% and 70% respectively compared to the same period last year. This performance was supported by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand. Emaar also achieved 67% growth in EBITDA, reaching AED17.3 billion ($4.7 billion) during 2023 as compared to 2022.
These achievements are ongoing, as Emaar continues to record very high domestic property sales in 2024. The year-to-date sales booked are valued at over AED19 billion ($5.2 billion), which is an increase of more than 60% as compared to the same period in the previous year, the company said.
Emaar remains committed to delivering all ongoing projects by their respective deadlines. Investment in the company's highly qualified workforce, fostering Emirati talent, digital systems, and supplementary resources will ensure the continuity of all operational efficiencies and help the business realise its long-term goals, it added.
Mohamed Alabbar, Emaar Properties' Founder, stated: "In light of the remarkable results we are witnessing in 2024, Emaar is highly optimistic and relentlessly focused on exceeding operational excellence, amplifying investment returns, and improving customer satisfaction. We are constantly launching groundbreaking projects that significantly contribute to Dubai's economy and increase long-term shareholder value, and through strategic initiatives in digital transformation, product innovation, and market penetration, we are poised to drive robust growth and solidify our foundation for future success." - TradeArabia News Service


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