Emaar Properties, Dubai's leading developer, capped off a banner year in 2023 with robust sales and a significant payout to shareholders. At their recent Annual General Meeting, the company announced a record-breaking dividend of Dh4.4 billion (US$1.2 billion), reflecting their impressive financial performance. This generous distribution underscores Emaar's commitment to rewarding investors and highlights the company's strong financial health.
The news of the hefty dividend comes on the heels of Emaar's stellar sales figures for 2023. The company achieved their highest ever property sales, reaching a staggering Dh40.3 billion (US$11 billion) for the year. This robust performance signifies continued investor confidence in the Dubai real estate market and Emaar's brand reputation for innovation and quality. Notably, Dh37.4 billion (US$10.2 billion) of these sales originated from within the domestic market, further solidifying Emaar's position as a dominant player in the UAE's property sector.
Emaar's financial strength is not solely dependent on property sales. The company reported overall revenue growth of 7% year-on-year, reaching Dh26.7 billion (US$7.3 billion) in 2023. This positive trend aligns with Dubai's flourishing tourism industry, a continued rise in retail sales, and a consistent increase in demand for real estate.
Looking back at 2023, Emaar's net profit reflects a remarkable 70% surge compared to the previous year, reaching Dh11.6 billion (US$3.2 billion). This substantial growth reinforces the company's successful strategic initiatives undertaken in recent years. Emaar attributes this success to a combination of factors, including enhanced consumer confidence and a dynamic business environment, particularly within the Dubai real estate and retail sectors.
With a healthy backlog of Dh71.8 billion (US$19.5 billion) in property sales secured by the end of 2023, Emaar is well-positioned for continued growth in the coming years. The company's leadership remains optimistic about the future, expressing confidence in the performance of their shopping centers, hotels, and ongoing property sales throughout 2024. Emaar's commitment to developing innovative projects and maintaining exceptional offerings across all their business divisions strengthens their position as a leading force in Dubai's ever-evolving landscape.