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Emaar Development AGM concludes without announcing cash dividends
Dubai, UAE: As intimidated earlier, Emaar Development PJSC didn’t announce cash dividends for 2020, at the company’s Annual General Meeting (AGM) held on 8 April 2021.
Its Board of Directors ‘reflected’ on the company’s 2020 ‘durable performance’ and ‘resilience during challenging times’.
“The Board of Directors also expressed their commitment to delivering high-quality homes to its customers and despite the Covid-19 pandemic will continue to progress at speed for its upcoming master developments.
During the Annual General Meeting, the report by the Board of Directors on the activities and financial position of the company, and the Auditor’s report were also approved,” it said in a statement.
Emaar Development PJSC reported property sales of Dh6.308 billion (US$1.717 billion) with a net profit of Dh1.657 billion (US$451 million) for 2020. Emaar continues to maintain a healthy sales backlog of Dh24.605 billion (US$ 6.699 billion) to be recognised in the coming years.
Emaar Development has delivered approximately 4,800 residential units in 2020 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Arabian Ranches and Emaar South. As of December 2020, Emaar has delivered more than 47,000 residential units, with over 26,000 residences currently under development in the UAE.
Emaar Development is expected to deliver over 6,000 residential units in 2021 across various masterplans mainly in Dubai Creek Harbour, Dubai Hills Estate and Downtown Dubai.
Recognising Emaar Development’s resilient performance despite the impact of the Covid-19 pandemic and its effect on companies globally, Mohamed Alabbar, Founder, Emaar Properties, said: “Emaar Development remains committed to its projects’ delivery timeframes and we are working diligently to continue to go above and beyond expectations. Thanks to the strength and commitment of our shareholders, management, and staff we have continued to remain profitable despite the global challenges.
“We are optimistic that 2021 will see market conditions continue to gradually improve, and Emaar Development is dedicated to driving its key projects at optimal speed through digital innovation and by continually adopting future-forward concepts to deliver world-class developments,” Alabbar added.