Dubai master-developer Emaar Properties has announced plans for distribution of dividends equal to 25% share capital to the company’s shareholders for FY 2022, thus demonstrating its commitment to maximising shareholder value.
The decision came at Emaar’s annual general meeting (AGM) held yesterday (April 17) where its shareholders gave the go-ahead to the board of directors for the distribution of the dividends.
The AGM lauded the company’s strong performance in 2022 where it had posted a net profit of AED6.8 billion ($1.9 billion) as well as discussed the rigorous measures taken to ensure continued robust business performance throughout the year.
By prioritising the satisfaction of its customers and ensuring the continued development of its products and services, Emaar said it was able to boost the value it brings to its shareholders.
This resulted in AED35.1 billion ($9.5 billion) in real estate sales for the company in 2022, a record high and a reflection of the confidence customers have in the Emaar name.
“The Emaar Group sees 2023 as a promising year, and it is dedicated to improving its operations, increasing its return on investment, and satisfying its clientele. The company plans to boost its efficiency, productivity, and performance to increase its turnover,” said its Founder Mohamed Alabbar.
The Emirati developer, he stated, remains committed to delivering all ongoing projects by their respective deadlines.
“Investment in the company’s highly qualified workforce, digital systems, and supplementary resources will ensure the continuity of all operational efficiencies and help the business realise its long-term goals,” he added.
In addition, it also reported a sizable sales backlog of over AED53.2 billion ($14.5 billion), which will be recognised as revenue over the next few years.
Both the auditor’s report for the year 2022 and the board’s report on the company’s activities and financial position were also approved at the meeting.-TradeArabia News Service
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