On April 23, 2024, Emaar Development PJSC (DFM: EMAARDEV) held its Annual General Meeting (AGM), showcasing a strong financial performance for the year 2023.
During the meeting, shareholders approved a generous dividend distribution of AED 2.082 billion (US$ 567 million), equivalent to 52% of the share capital (approximately AED 52 fils per share). This decision underscores Emaar’s dedication to enhancing shareholder returns. Approval was also granted for the Board’s report on the company's activities and financial position, along with the Auditor’s report.
The company proudly reported property sales reaching AED 37.4 billion (US$ 10.2 billion), marking a 22% increase from the previous year. This surge has contributed to a robust sales backlog of AED 57.1 billion (US$ 15.5 billion), poised to generate substantial revenue in future years. The reported revenue for 2023 was AED 11.9 billion (US$ 3.2 billion) with a net profit of AED 6.6 billion (US$ 1.8 billion), reflecting a 74% growth from 2022.
In 2023, Emaar Development delivered over 12,000 residential units across key developments such as Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. To date, the company has delivered over 70,000 residential units in the UAE, with more than 25,500 residences currently under development.
Mohamed Alabbar, Founder of Emaar Properties, commented on the year’s achievements:
"Emaar Development's record-breaking success in 2023 demonstrated our superior operational approach and strong demand for our premier offerings, allowing us to optimise performance and improve risk management. In 2024, we will capitalise on a dynamic lineup of property launches and ambitious new projects.”
He added,
Our consistent year-over-year growth and increasing profitability are directly attributed to the unwavering support of our shareholders, astute management, and highly skilled workforce. Furthermore, our dedication to providing exceptional shareholder value and our critical role in driving Dubai's economic vitality highlight our esteemed brand's foundation of trust and quality."
