At Emaar Properties PJSC’s Annual General Meeting (AGM), which took place in Dubai on Monday, April 22, 2024, the Board of Directors’ proposal for a noteworthy dividend of 50 fils per share, or Dh4.4 billion ($ 1.2 billion), was approved by the shareholders. This decision highlights the company’s strong financial health and commitment to shareholder returns. The meeting approved the board’s report and the auditor’s report regarding the operations and financial status of the company for 2023.
The board of directors reported the company’s impressive 2023 performance to the AGM and went over the stringent steps taken to guarantee consistent, strong business performance all year long.
Emaar’s performance in 2023 was characterized by strong group real estate sales, totaling Dh40.3 billion (US$ 11 billion), with Dh37.4 billion (US$ 10.2 billion) in the domestic market. This indicates that customers have continued to have faith in the Emaar brand and in the creativity and caliber of the company’s management. In comparison to the same period last year, Emaar’s revenues were Dh26.7 billion (US$ 7.3 billion) and net profit was Dh11.6 billion (US$ 3.2 billion) in 2023, representing growth of 7% and 70%, respectively. Growth in retail sales, a steady increase in the demand for real estate, and tourism all contributed to this performance. Additionally, Emaar increased its earnings before interest, taxes, depreciation, and amortization (Ebitda) by 67% in 2023, reaching Dh17.3 billion.
These successes are still being made as Emaar maintains a very high level of domestic real estate sales in 2024. With more than Dh19 billion in sales booked so far this year, it represents a more than 60% increase over the same period last year.
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.”
