Emaar Properties approves $598mn cash dividends
Profits of the Dubai development titan have surged by 80% to US $1.9bn
Leading UAE developer Emaar Properties has announced that its Board has approved the distribution of cash dividends worth US $598mn to its shareholders for FY 2022.
In a disclosure to the Dubai Financial Market (DFM), the company said the proposed profits represent 25% of the available capital, at 25 fils per share. For FY 2022, Emaar had reported solid growth in its profitability and marked improvement in the performance of recurring revenue businesses in 2022.
Its net profit surged by 80% to hit US $1.9bn, while its ebitda for the period hit $2.7bn, up 18% over the previous year, as a result of sustained revenue, improved margins, and continued control over costs. It also showed continued improvement in its property sales which rose to a record $9.5bn.
In mid November 2022, Emaar Development said it had recorded the highest-ever property sales of $6.31bn in first three quarters of 2022 and, in mid December 2022, Emaar said it tracked record entries for its sustainability challenge.
The Dubai developer recorded a revenue of $6.8bn in 2022, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses, due to the rebound of global tourism.
The Board of Directors has submitted the proposal to the General Assembly, which will meet next month to decide on the approval of the Securities and Commodities Authority (SCA) on the meeting agenda.
It also approved the annual report on the consolidated statement of financial position for the year ending 31st December 2022, which will be presented to the General Assembly meeting for review and approval.
In early January 2023, Burj Khalifa said it had enjoyed a 16% increase in residential sales.
