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29 March 2024

Emaar proposes 10% dividend

Published
By Wam

Emaar Properties will hold its 15th Annual General Meeting on Tuesday, April 9, 2013, to discuss the proposal of the Board of Directors regarding distribution of dividend to shareholders, amounting to 10 per cent of the company's share capital for the year 2012.

The meeting will receive and approve the report of the Board of Directors on the company's activities and financial position, and the Auditors' report for the year ending December 31, 2012. The AGM will also appoint the auditors for 2013.

If the meeting falls short of quorum, the next AGM will be held on Tuesday, April 16, 2013.

In 2012, Emaar recorded full-year net profits of Dh2.119 billion ($577 million), 18 per cent higher than the full-year 2011 net profit of Dh1.794bn ($488m). Annual revenues for 2012 reached Dh8.240bn ($2.243bn), similar to the 2011 revenues of Dh8.112bn ($2.209bn).

Highlighting the successful strategy of Emaar to create long-term value for its stakeholders, the company's shopping malls & retail and hospitality & leisure businesses contributed Dh4.096bn ($1.115bn) to the full-year revenue, representing 50 per cent of the total. The contribution of Emaar's international operations to the total revenue was Dh1.264bn ($344m), representing 15 per cent of the total revenue.

Last year, Emaar handed over some 1,100 homes and more than 140,000 square feet of commercial office space in Dubai as well as over 700 homes and more than 122,000 square feet of commercial space in its international markets. Emaar energised Dubai's property market in 2012 with the launch of several premier projects including Panorama at The Views, The Address The BLVD in Downtown Dubai, and luxury villas and town houses in Arabian Ranches.