Dubai, United Arab Emirates; 17 April 2023: Today, 17 April 2023, Emaar Properties PJSC (DFM: EMAAR) held its Annual General Meeting (AGM) where the Board of Directors reported the company's strong performance in 2022 and discussed the rigorous measures taken to ensure continued robust business performance throughout the year.
At the AGM, shareholders approved the Board of Directors' proposal to distribute dividends equal to 25% of the share capital, demonstrating Emaar's commitment to maximising shareholder value. Both the auditor's report for the year 2022 and the board's report on the company's activities and financial position were approved at the meeting.
By prioritising the satisfaction of its customers and ensuring the continued development of its products and services, Emaar is able to increase the value it brings to its shareholders. This resulted in AED 35.1 billion (US$ 9.5 billion) in real estate sales for the company in 2022, a record high and a reflection of the confidence customers have in the Emaar name. In addition, Emaar reports a sizable sales backlog of over AED 53.2 billion (US$ 14.5 billion), which will be recognised as revenue over the next few years.
Emaar remains committed to delivering all ongoing projects by their respective deadlines. Investment in the company's highly qualified workforce, digital systems, and supplementary resources will ensure the continuity of all operational efficiencies and help the business realise its long-term goals.
Mohamed Alabbar, Founder of Emaar Properties, said: "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. Digital transformation, new product innovation, and market penetration will lay the groundwork for future growth and long-term shareholder value. Simultaneously, Emaar continues to make 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 Properties PJSC's net profit for the fiscal year ending December 31, 2022 was AED 6.8 billion (US$ 1.9 billion), and the company's total revenue was AED 24.9 billion (US$ 6.8 billion). The results are indicative of the persevering interest of both domestic and international investors, with domestic and international sales exceeding their pre-pandemic levels.
Emaar consistently provides premium experiences and lifestyle opportunities across market segments, and its properties continue to be sought after by investors both domestically and internationally due to the company's commitment to setting new standards in design, build quality, and innovation.
Visit emaar.com/en/investor-relations for more information.
About Emaar Properties
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.7 billion sq. ft. in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 92,000 residential units in Dubai and other global markets since 2002. Emaar 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 (includes owned as well as managed hotels). Today, 53 percent of Emaar’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 trophy destinations.
For more information, please contact:
Alma Au Yeung
Emaar Corporate Marketing Department
Email: [email protected]