Dubai – Mubasher: The shareholders of Emaar Development approved the board’s recommendation to distribute total dividends of AED 2.08 billion, equivalent to $567 million, for 2022.
The real estate firm will disburse 0.52 fils per share, with the total amount representing 52% of the share capital, according to a press release.
It is worth noting that the equityholders made their approval during the 18 April annual general meeting (AGM).
In 2022, Emaar Development logged property sales worth AED 30.71 billion, equivalent to $8.362 billion and higher by 12% compared to 2021. The company delivered more than 6,100 residential units across prominent locations
“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,” according to the press release.
In addition, the firm witnessed healthy sales backlog of AED 41.344 billion, amounting to $11.256 billion, which will be recognised as revenue in the coming years.
Last year, the listed company reported revenues of AED 11.54 billion and net profits of AED 3.80 billion.
Mohamed Alabbar, Founder of Emaar Properties which is the parent company of Emaar Development, said: “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.”
