Emaar Properties approves dividends equal to 25% of share capital

Dubai’s Emaar Properties has approved the board’s proposal to distribute dividends equal to 25 per cent of the company’s share capital, demonstrating its commitment to maximising shareholder value.

The Dubai-based developer registered real estate sales worth a record $9.5bn (Dhs35.1bn) in 2022 and a sizable sales backlog of more than Dhs53.2bn – which will be recognised as revenue over the next few years.

Emaar said it remains committed to delivering all ongoing projects by their respective deadlines. The company said investment in its highly qualified workforce, digital systems and supplementary resources will ensure the continuity of all operational efficiencies while helping the business to realise its long-term goals.

“The group sees 2023 as a promising year and it is dedicated to improving its operations, increasing its return on investment and satisfying its clientele. The company plans to boost its efficiency, productivity, and performance to increase its turnover,” said Mohamed Alabbar, founder of Emaar Properties.

Alabbar expects digital transformation, new product innovation and market penetration will lay the groundwork for future growth and long-term shareholder value.

Emaar plans to continue making healthy investments in its workforce, attracting top global talent while enhancing opportunities to nurture UAE national talent and fostering more inclusive growth for our organisation and society.

Emaar maximise growth

Meanwhile, Emaar Properties’ net profit for the fiscal year ending December 31, 2022, was Dhs6.8bn while the company’s total revenue was Dhs24.9bn.

“The results are indicative of the persevering interest of both domestic and international investors, with domestic and international sales exceeding their pre-pandemic levels, the company said in a statement.

Read: Dubai’s Emaar sees 80% net profit rise to Dhs6.8bn, supported by record property sales

Emaar’s international real estate operations recorded Dhs4.3bn in property sales and Dhs4.2bn in revenue last year, representing 17 per cent of Emaar’s total revenue. The performance of international operations was led by successful operations in Egypt and India.

Emaar has delivered over 92,000 residential units in Dubai and other global markets since 2002. The company has strong recurring revenue-generating assets with over 1,300,000 square meters of leasing revenue-generating assets and 37 hotels and resorts with 8,135 rooms – including owned as well as managed hotels.

Today, 53 per cent of the company’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries. Burj Khalifa, a global icon, Dubai Mall, the world’s most-visited retail and lifestyle destination and The Dubai Fountain, the world’s largest performing fountain are among Emaar’s famed destinations.

Read: Emaar Properties to allow 100% foreign ownership from October 25