DUBAI, 18 April 2017: The 19th Annual General Meeting (AGM) of Emaar Properties PJSC declared a cash dividend of 15 per cent of the share capital, equivalent to Dh1.074 billion (US$ 292 million), for distribution to the company’s shareholders.
The AGM also approved the report of the Board of Directors on the activities and financial position of Emaar, the Auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017. The assembly also approved the Employees Incentive Scheme.
In 2016, Emaar recorded net profit of Dh5.233 billion ($1.425 billion), and revenues of Dh15.540 billion ($4.231 billion). Recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses was Dh5.976 billion ($1.627 billion), 38 per cent of the total group revenue. Emaar’s international operations reported revenue of Dh2.665 billion ($726 million), 17 per cent of the total group revenue.
The performance of Emaar’s real estate sales in Dubai recorded notable growth during 2016 at Dh14.4 billion ($3.92 billion). Sales across various international markets in 2016 were valued at Dh3.9 billion ($1.1 billion). The group now has a backlog of Dh42.977 billion ($11.701 billion) to be realised in the next few years.
Strong Landbank
Emaar also strengthened its landbank, notably in Dubai, without capital investment through joint ventures and strategic partnerships. The company’s land bank in the UAE now stands at over 24 million sqm taking its total land bank across all markets to over 190 million sqm.
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a net profit of Dh1.874 billion ($510 million) and revenue of Dh3.227 billion ($879 million) in 2016.
The shopping malls assets of Emaar Malls together welcomed 125 million visitors during 2016. The Dubai Mall continues to be the world’s most visited retail and leisure destination, having welcomed 80 million visitors per annum for the past three consecutive years.
The hospitality and leisure, commercial leasing and entertainment business of Emaar recorded revenues of Dh2.749 billion ($748 million) in 2016. Average occupancy of hotels under Emaar Hospitality Group in Dubai was 85 per cent, higher than the industry average.
Emaar is now developing The Tower in Dubai Creek Harbour, billed to be one of the fascinating attractions in the world. Emaar is also strengthening Dubai’s retail sector through new retail precincts in Dubai Creek Harbour and Dubai Hills Estate. Another smart development for the future is Emaar South in Dubai South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, located near the venue of Expo 2020 Dubai.
By Rajive Singh