Emaar declares 15% cash dividend

18/04/2017 06:01 AST

The 19th Annual General Meeting (AGM) of Emaar Properties on Monday declared a cash dividend of 15 per cent of the share capital, equivalent to Dhs1.074 billion ($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.

Mohamed Alabbar, Chairman of Emaar Properties, said that Emaar has created sustained value for shareholders through its competencies premium real estate, malls and hospitality."The leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspires us to push our boundaries and expand our operations with the goal of creating added value for our stakeholders."

He added: "Our ambition is to further strengthen customer loyalty and enhance our brand value. We will achieve this with our absolute focus on being a customer-centric organisation. We will also strengthen our financial performance by maintaining a robust balance sheet. Across all our businesses, we focus on bringing high-calibre professionals while also shaping the next generation of young future leaders. Our new growth approach is led by the digital transformation of our operations, which will transform our company and ensure that we are future-ready." In 2016, Emaar recorded net profit of Dhs5.233 billion ($1.425 billion), and revenues of Dhs15.540 billion ($4.231 billion).

Recurring revenues from Emaar's shopping malls, hospitality, entertainment and leisure businesses was Dhs5.976 billion ($1.627 billion), 38 per cent of the total Group revenue.

Emaar's international operations reported revenue of Dhs2.665 billion ($726 million), 17 per cent of the total Group revenue.

The Gulf Today