Emaar Properties highlights resilient performance at AGM


Wam file photo
Wam file photo

The company achieved real estate sales of Dh33.762 billion ($9.192 billion) in 2021.


A Staff Reporter

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Published: Thu 21 Apr 2022, 5:44 PM

Last updated: Thu 21 Apr 2022, 5:46 PM

Emaar Properties’ board of directors announced the company’s solid performance in 2021 and discussed the stringent measures it took to safeguard continued robust business performance during the year at its annual general meeting (AGM) held on April 20.

The dividend distribution proposal from the board of directors representing 15 per cent of the share capital was approved at the AGM, confirming Emaar’s keenness to ensure added value for its shareholders. During the meeting, the board of directors’ 2021 report on the company’s activities and financial position and the auditor’s report were also approved.

Emaar continuously strives to maximise shareholders value through providing the best customer service and by safeguarding innovation across all products and services provided by the company. This led to the company achieving real estate sales of Dh33.762 billion ($9.192 billion) in 2021, which is highest on record and is a testament to the clients’ trust in the Emaar brand. Additionally, Emaar reports substantial sales backlog totalling more than Dh46.057 billion ($ 12.539 billion), which will be recognised as revenue over the next few years.

Emaar continues to work diligently to complete all ongoing projects for delivery within the timeframes specified and the company will retain its extremely strong position through strategic investment in its highly qualified talent, digital systems and additional resources which will safeguard all process efficiencies and align the company with its future vision.

Mohamed Alabbar, founder of Emaar Properties, said: “The group is optimistic for the year 2022 and is constantly focused on achieving operational excellence, increasing return on investments and enhancing customer satisfaction. To improve its performance, the company will increase its resources, increase its efficiency, and maximise its productivity. The foundations for future growth and long-term shareholder value will be laid by digital transformation, new product innovation, and market penetration.”

Emaar Properties recorded an EBITDA of Dh9.343 billion ($2.544 billion) and total revenue of Dh28.270 billion ($7.697 billion) for the fiscal year ended December 31, 2021. The performance reflects sustained interest from investors, both domestic and foreign with both local and international sales exceeding pre-pandemic levels.

Setting new benchmarks in design, build quality, and innovation, Emaar consistently offers premium experiences and lifestyle opportunities across market segments; and its properties continue to remain sought-after by investors at home as well as abroad.

— business@khaleejtimes.com

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