Emaar Development PJSC (DFM: EMAARDEV) held its Annual General Meeting (AGM) on April 18 where the Board of Directors reported Emaar’s strong performance for 2022.
At the AGM, shareholders approved the Board of Directors’ proposal to distribute dividend of AED 2.081 billion (US$ 567 million) which equals to 52% of the share capital (~AED 0.52 fils per share), demonstrating Emaar’s commitment to maximising shareholder value. Further Board’s report on the company’s activities & financial position of the company and the Auditor’s report were also approved.
The Board of Directors also reaffirmed its commitment to delivering high-quality residences & communities to its customers and residents.
Emaar Development PJSC reported property sales of AED 30.713 billion (US$ 8.362 billion), an increase of 12% compared to 2021 resulted in healthy sales backlog of AED 41.344 billion (US$ 11.256 billion) which will be recognized as revenue in the coming years. In 2022, the Company reported revenue of AED 11.541 billion (US$ 3.142 billion) and net profit of AED 3.808 billion (US$ 1.037 billion) which reflects a 17% growth compared to 2021.
Over 6,100 residential units were delivered by Emaar Development in 2022 across prominent locations, including Dubai Hills Estate, Dubai Creek Harbour, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South. Emaar has delivered over 58,000 residential units in the UAE as of December 2022, with over 27,000 residences currently under development in the UAE.
Recognising Emaar Development’s resilient performance in the last fiscal year, Mohamed Alabbar, Founder, Emaar Properties, said:
“Emaar Development’s success in 2022 reflects our improved operating posture and healthy demand for our offers which help us maximize performance and better manage risk. In 2023 we continue to focus on a robust line-up of property launches and new projects, we are well positioned to deliver sustained revenue growth and expanding margins. We attribute our growth and increased profitability year-over-year to the efforts of our shareholders, management, talented workforce, and brand name, which was built on the foundation of trust and quality.”
News Source: Emaar