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Dubai developer highest ever property sales of Dh40.3 billion for 2023
The Annual General Meeting (AGM) of Emaar Properties PJSC was held in Dubai on Monday, April 22, 2024, where shareholders approved the Board of Directors’ proposal for a notable dividend of 50 fils per share amounting to Dh4.4 billion ($ 1.2 billion), underscoring the company’s robust profitability and commitment to shareholder returns and reflecting the company’s strong financial health. Both the auditor’s report and the board’s report on the company’s activities and financial position for the year 2023 were approved at the meeting.
At the AGM, the board of directors reported the company’s strong performance in 2023 and discussed the rigorous measures taken to ensure continued robust business performance throughout the year.
Emaar’s performance in 2023 was marked by robust group real estate sales, amounting to Dh40.3 billion (US$ 11 billion) with Dh37.4 billion (US$ 10.2 billion) in domestic market, demonstrating sustained customer trust in the Emaar brand and its management’s innovation and quality. Emaar recorded revenues of Dh26.7 billion (US$ 7.3 billion) and net profit of Dh11.6 billion (US$ 3.2 billion) in 2023 achieving growth of 7 per cent and 70 per cent respectively compared to the same period last year. This performance was supported by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand. Emaar also achieved 67 per cent growth in earnings befoere interest, taxes, depreciation and amortisation (Ebitda), reaching Dh17.3 billion during 2023 as compared to 2022.
These achievements are ongoing, as Emaar continues to record very high domestic property sales in 2024. The year-to-date sales booked are valued at over Dh19 billion, which is an increase of more than 60 per cent as compared to the same period in the previous year.
Mohamed Alabbar, Emaar Properties’ founder, stated: “In light of the remarkable results we are witnessing in 2024, Emaar is highly optimistic and relentlessly focused on exceeding operational excellence, amplifying investment returns, and improving customer satisfaction. We are constantly launching groundbreaking projects that significantly contribute to Dubai’s economy and increase long-term shareholder value, and through strategic initiatives in digital transformation, product innovation, and market penetration, we are poised to drive robust growth and solidify our foundation for future success.”
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