Emaar Properties Declares Dh4.4 Billion High Dividend in Dubai

Photo : Bloomberg

Emaar Properties PJSC convened its Annual General Meeting (AGM) in Dubai on April 22, 2024, where shareholders greenlit the Board of Directors' proposal for a substantial dividend of 50 fils per share, totaling Dh4.4 billion ($1.2 billion). This decision underscores the company's robust profitability and unwavering dedication to delivering value to shareholders, highlighting its strong financial standing. Approval was also granted for both the auditor's report and the board's report on the company's activities and financial position for the fiscal year 2023.

During the AGM, the board highlighted Emaar's impressive performance in 2023 and outlined the comprehensive measures implemented to ensure sustained business excellence throughout the year.

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Emaar's achievements in 2023 were notable, particularly in terms of group real estate sales, which soared to a record-breaking Dh40.3 billion ($11 billion), with Dh37.4 billion ($10.2 billion) generated domestically. This substantial figure reflects the enduring trust customers place in the Emaar brand, underpinned by the company's commitment to innovation and quality management. In financial terms, Emaar reported revenues of Dh26.7 billion ($7.3 billion) and a net profit of Dh11.6 billion ($3.2 billion) in 2023, marking a 7% and 70% increase, respectively, compared to the previous year. This outstanding performance was buoyed by growth in tourism, a sustained uptick in retail sales, and consistent demand for real estate. Emaar also achieved a remarkable 67% growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching Dh17.3 billion during 2023 compared to 2022.

These achievements have continued into 2024, with Emaar reporting exceptionally high domestic property sales. Year-to-date sales have surpassed Dh19 billion, representing a remarkable increase of over 60% compared to the same period in the previous year.

Mohamed Alabbar, the founder of Emaar Properties, expressed optimism about the company's trajectory in 2024, emphasizing its unwavering focus on operational excellence, enhanced investment returns, and heightened customer satisfaction. Alabbar highlighted Emaar's ongoing commitment to launching groundbreaking projects that contribute significantly to Dubai's economy while driving long-term shareholder value. Through strategic initiatives centered on digital transformation, product innovation, and market expansion, Emaar is poised to achieve robust growth and fortify its foundation for future success.