Emaar Properties' shareholders appoint new board of directors, approve 50fils dividend
Year-to-date sales booked valued at over Dh19 billion, up more than 60% from last year
Dubai: Dubai’s biggest listed developer Emaar Properties' shareholders approved the Board of Directors' proposal for a dividend of 50 fils per share amounting to Dh4.4 billion ($1.2 billion), while also voting to appoint new board members to "spearhead the company’s growth strategy".
The Annual General Meeting (AGM) of PJSC was held in Dubai on Monday, April 22, 2024, where shareholders also voted to appoint Mohamed Ali Rashed Alabbar, Jamal Majed Khalfan Bin Theniyah, Ahmed Jamal Hassan Jawa, Buti Obaid Buti AlMulla, Eman Mahmood Ahmed Abdulrazzaq, Abdulla Ali Ahmad Bin Zayed Alfalasi, Ahmad Saeed Obaid Bin Meshar Almheiri, Omar Hamad Abdulla Hamad BuShahab, and Mohammad Omar Karim, to the board.
At the AGM, the Board of Directors reported the company's performance in 2023, which was marked by group real estate sales, amounting to Dh40.3 billion ($11 billion) with Dh37.4 billion ($10.2 billion) in domestic market. Emaar also recorded revenues of Dh26.7 billion ($7.3 billion) and net profit of Dh11.6 billion ($3.2 billion) in 2023 achieving growth of 7 per cent and 70 per cent respectively compared to the same period last year.
"This performance 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 per cent growth in EBITDA (core earnings), reaching Dh17.3 billion ($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 ($5.2 billion), which is an increase of more than 60 per cent 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."