22nd AGM of Emaar Properties Declares Cash Dividend of Dh1 Billion for Shareholders.
This is part of the exceptional cash dividend of AED 4 billion (US$ 1.089 billion) from the proceeds of the public offering of shares of Emaar Development. The distribution of AED 3 billion (US$ 816.8 million) in dividend was approved at Emaar's 21 st General Meeting in January this year.
The AGM also elected Emaar's new board comprising nine members compared to 11 earlier. The new board members are: Mohamed Alabbar, Jassim Mohd Abdul Rahim Al Ali, Ahmad Thani Rashed Al Matrooshi, Abdullah Saeed Bin Majed Belyoahah, Jamal Hamed Thani Buti Al Marri, Arif Obaid Saeed Mohammad Al Dehail Al Mehairi, Abdulrahman Hareb Rashed Hareb Al Hareb, Ahmed Jamal H Jawa and Jamal Majed Khalfan Bin Theniyah.
Mohamed Alabbar said: "With a total cash dividend of AED 4 billion approved by the assembly, we are highlighting our commitment to creating outstanding value for our shareholders. We thank them for their trust, which inspires us to focus on our future growth initiatives. Emaar's growth story highlights the robust business environment of the UAE and draws on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to unlock our nation's true potential."
He added: "Our focus is to sustain the momentum through our developments in property, retail and hospitality as well as our international operations. At the current pace, Emaar will grow more than double in the next five years. We invest and seek the best talent, and have reimagined our business for the digital era. In everything we do, we make sure we are relevant to our customers. We are not building for now or for tomorrow but for the future."
The meeting also approved the report by the Board of Directors on the activities and financial position of the company, the Auditor's report, and balance sheet for 2017. Ernst & Young was appointed as the auditor for 2018.
In 2017, Emaar Properties recorded a net operating profit of AED 5.704 billion (US$ 1.553 billion), a growth of 16 per cent over the FY 2016 net operating profit of AED 4.917 billion (US$ 1.339 billion). Total revenue for FY 2017 increased by 21 per cent to AED 18.812 billion (US$ 5.122 billion), over FY 2016 revenue of AED 15.540 billion (US$ 4.231 billion).
Emaar has launched many new residential launches in Dubai Creek Harbour, Emaar Beachfront, Dubai Hills Estate, Emaar South, Arabian Ranches II and Downtown Dubai, all of them reporting strong investor response. In all, Emaar launched 21 new residential destinations, with over 9,500 units, in 2017.
Earlier this year, Emaar and Aldar Properties announced a joint venture to develop the world's next era of iconic destinations that will shape the UAE's ever-evolving skyline. Emaar also launched the first residences in Emaar Beachfront, a private island destination, recording sell-out customer response of AED 1 billion in sale soon after launch.
Highlighting the success of Emaar's business expansion, its malls & retail and hospitality, entertainment and leisure businesses contributed to over 47 per cent of the Group's gross profit and 51 per cent of EBITDA in 2017. Emaar recently opened the expanded Fashion Avenue in The Dubai Mall and has announced the Dubai Hills Mall in Dubai Hills Estate that will further strengthen the malls business. A new concept in retail will also be pioneered at Dubai Creek Harbour.
In hospitality operations, Emaar today has a portfolio of over 50 operational and upcoming hospitality projects under its three hotel brands and a growing footprint in international markets including Saudi Arabia, Bahrain, Egypt, Turkey and The Maldives.
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|Date:||Apr 23, 2018|
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