Staff Report,
Dubai, UAE
Emaar Properties PJSC, a global property developer based in Dubai, has announced a dividend of 50 fils per share amounting to Dh4.4 billion (US$1.2 billion) at its Annual General Meeting (AGM). The meeting also entailed the appointment of new Board Members. The developer recorded a revenue collection of Dh26.7 billion (US$7.3 billion) and net profit of Dh11.6 billion (US$3.2 billion) in 2023, achieving growth of 7 percent and 70 percent respectively compared to the same period last year.
Emaar’s performance in 2023 was marked by significant global real estate sales that amounted to Dh40.3 billion (US$11 billion) with Dh37.4 billion (US$10.2 billion) in domestic market. Its overall growth 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 percent growth in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), reaching Dh17.3 billion (US$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 Dh19 billion (US$5.2 billion), which is an increase of more than 60 percent as compared to the same period in the previous 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.”
Ends
Also read: Emaar Properties reports 42% growth in net profit to Dh8.2 billion during 9 months of 2023
