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Emaar Properties declares cash dividend of Dh1b.

Summary: Developer elects new board of directors comprising nine members

Staff Report

Dubai: Emaar Properties PJSC on Sunday evening approved the distribution of a Dh1 billion ($272.25 million) dividend to shareholders.

Sunday's announcement brings the total cash dividend for the year to Dh4 billion ($1.089 billion). The distribution of Dh3 billion ($816.8 million) in dividend was approved at Emaar General Meeting in January. The new dividends came from the proceeds of the public offering of shares of Emaar Development. Sunday's dividend represents 14 per cent of the share capital, or 14 fils per share.

The AGM also elected Emaar's new board comprising nine members, down from 11. The new board members are: Mohammad Alabbar, Jasem Mohd Abdul Rahim Al Ali, Ahmad Thani Rashed Al Matrooshi, Abdullah Saeed Bin Majed Belyoahah, Jamal Hamed Thani Buti Al Merri, Arif Obaid Saeed Mohammad Al Dehail Al Mehairi, Abdul Rahman Hareb Rashed Hareb Al Hareb, Ahmad Jamal H Jawa and Jamal Majed Khalfan Bin Theniyah.

"With a total cash dividend of Dh4 billion approved by the assembly, we are highlighting our commitment to creating outstanding value for our shareholders," Alabbar said.

"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."

Auditor for 2018

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. EY was appointed as the auditor for 2018.

In 2017, Emaar Properties recorded a net operating profit of Dh5.704 billion ($1.553 billion), a growth of 16 per cent over the FY 2016 net operating profit of Dh4.917 billion ($1.339 billion). Total revenue for FY 2017 increased by 21 per cent to Dh18.812 billion ($5.122 billion), over FY 2016 revenue of Dh15.540 billion ($4.231 billion).

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Publication:Gulf News (United Arab Emirates)
Date:Apr 22, 2018
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