Dubai, UAE–The board of directors of Emaar Properties has approved the proposal to distribute cash dividend to shareholders, at total value of $601 million.
In a disclosure to Dubai Financial Market (DFM), the company said the proposed profits represent 25 percent of the capital, at 25 fils per share.
The board has submitted the proposal to the General Assembly which will meet on 17th April 2023 subject to approval of 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.
A report on consolidated financial statement for the year ending 31st December 2022 was also approved.
The developer’s net profit nearly doubled in 2022 as sales hit a record of AED 35.1 billion ($9.5 billion) on the back of strong demand from real estate buyers.
Net profit and EBITDA for the year surged 80% and 18%, respectively, to AED 6.8 billion and AED 9.8 billion compared to 2021, while total revenue reached AED 24.9 billion, the company said in a disclosure on the Dubai Financial Market (DFM).
The developer attributed the strong results to the rebound in global tourism, as well as improved consumer and property investor sentiments.
