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Major Dubai developer Emaar Properties has announced plans to distribute a dividend equal to 25% of the company’s share capital to shareholders in FY22, demonstrating its commitment to maximizing shareholder value.
The decision was taken at Emaar’s Annual General Meeting (AGM) yesterday (April 17), at which its shareholders approved the board’s distribution of dividends.
The AGM praised the company’s strong performance in 2022, with the company posting a net profit of AED6.8 billion ($1.9 billion), and discussed rigorous measures to ensure continued strong business performance throughout the year.
Emaar said that by prioritizing customer satisfaction and ensuring the continuous development of its products and services, it was able to enhance value for shareholders.
This has resulted in the company’s real estate sales reaching AED 35.1 billion (US$ 9.5 billion) in 2022, an all-time high, reflecting customer confidence in the Emaar brand.
“Emaar Group sees 2023 as a promising year as it focuses on improving operations, increasing return on investment and meeting customer needs. The company plans to improve efficiency, productivity and performance to increase turnover,” said its founder, Mohamed Alabbar.
He said the Emirati developer remains committed to delivering all ongoing projects by their respective deadlines.
“The investment in the company’s high-quality workforce, digital systems and complementary resources will ensure continuity of all operational efficiencies and help the business achieve its long-term goals,” he added.
In addition, it reported a substantial sales backlog of more than AED53.2 billion ($14.5 billion), which will be recognized as revenue in the coming years.
The meeting also approved the 2022 audit report and the report of the board of directors on the company’s activities and financial situation. –trade arab news agency
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