17/04/2017 07:30 AST
Emaar Properties' 19th Annual General Meeting (AGM) tomorrow (April 17) will discuss the proposal of the board of directors to distribute cash dividends of Dh1.07 billion ($291.32 million), representing 15 per cent of the share capital (15 fils per share) for 2016.
The AGM will be held at 5pm, at the Diamond Ballroom in The Address Dubai Mall hotel in Downtown Dubai. If the meeting falls short of quorum, the AGM will postponed to April 26 at the same time and venue.
The meeting will also receive and approve the report by the board of directors on the activities and financial position of the Emaar, the auditor's report, and balance sheet for 2016. The auditor for 2017 will also be appointed by the assembly.
Mohamed Alabbar, chairman of Emaar Properties, said: "In less than two decades, Emaar has transformed the real estate, retail and hospitality landscape of Dubai through our assets that create sustained value for our stakeholders. We derive inspiration for this growth from the vision of our nation's leadership to establish the UAE as a global hub for business and leisure.
"We are now focusing on an expanded development pipeline in Dubai and other international markets and a commitment to provide the best-in-class service to our customers. This is led by our digital transformation organisation-wide that will increase efficiency and productivity. We have high-calibre professionals who lead our various businesses and are also investing in young talent - our future leaders - through e25, a new startup within Emaar."
He added: "We are thankful to our shareholders for their continued support and confidence in us. Our sustained growth would not have been possible without the support of our employees, and we want to thank them for their hard work and dedication with a new Employees Incentive Scheme."
In 2016, Emaar recorded a net profit of Dh5.233 billion ($1.425 billion) and full-year revenue of Dh15.540 billion ($4.231bn). Recurring revenue from Emaar's shopping malls, hospitality, entertainment and leisure businesses for 2016 was Dh5.976 billion ($1.627bn), representing 38 per cent of the total group revenue. The company's international operations recorded revenue of Dh2.665 billion ($726 million), accounting for 17 per cent of the total revenue.
Emaar has handed over around 41,500 residential units, 33,947 of them in Dubai, since 2001. The company has a land bank of 190 million sq m globally including 24 million sq m in the UAE.
Emaar recorded total sales of Dh14.4 billion ($3.92bn) in Dubai, 41 per cent higher than the FY 2015 sales value of Dh10.23 billion ($2.79bn). The company now has a backlog of Dh42.977 billion ($11.701bn) to be recognised in the next few years.
Emaar has several mega-developments ongoing in Dubai including the 11- million-sq-m Dubai Hills Estate, a 'green city within the city,' developed as a joint venture with Meraas Holding, which will feature a dedicated retail hub and an 18-hole championship golf course.
Emaar is also developing The Tower in Dubai Creek Harbour, a new icon that is set in the heart of a 6 sq km mega-development, developed as a joint venture with Dubai Holding and to feature a retail district for high-end brands.
Another smart development set near the venue of Expo 2020 Dubai, is Emaar South, a next-generation lifestyle destination in the new aviation and logistics hub of the city, Dubai South.
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