Dubai – Mubasher: The annual general meeting (AGM) of Emaar Properties approved a cash dividend of 50 fils per share amounting to AED 4.40 billion ($1.20 billion) for 2023.

The cash dividends align with the company's profitability and commitment to shareholder returns, according to a press release.

Emaar's performance in 2023 was marked by robust group real estate sales, amounting to AED 40.30 billion ($11 billion) with AED 37.40 billion ($10.20 billion) in the domestic market, demonstrating sustained customer trust in the Emaar brand and its management's innovation and quality.

The DFM-listed company posted 7% higher revenues at AED 26.70 billion ($7.30 billion) in 2023 and 70% higher net profits at AED 11.60 billion ($3.20 billion), compared to 2022.

The positive performance was backed by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand.  

The year-to-date sales booked are valued at more than AED 19 billion ($5.20 billion), which marked a 60% year-on-year (YoY) leap.

Mohamed Alabbar, Founder of Emaar Properties, 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."