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- Dubai 04:26 05:44 12:20 15:47 18:50 20:08
Emaar recorded a net operating profit of Dh2.489 billion and revenue of Dh7.039 billion during the first nine months of 2014. (File)
Dubai’s Emaar Properties on Monday approved the distribution of a total of Dh17.12 billion in dividends to shareholders this year, which is about 250 per cent of the par value of its shares.
The ordinary general meeting (OGM) approved a special cash dividend of Dh9 billion, which adds to the dividend announced in April of Dh8 billion, including 15 per cent cash dividend, equivalent to about Dh975 million and 10 per cent bonus shares, or 650 million shares, valued at about Dh7.12 billion at Dh10.95 per share, as of April 23, 2014.
The special cash dividend follows the successful IPO and listing of the Emaar Malls Group, the shopping malls and retail business of Emaar Properties, which had recorded total orders of over Dh172 billion.
Mohamed Alabbar, Chairman of Emaar Properties, said the dividends declared underline the company’s commitment to creating long-term value for shareholders.
"This has been a milestone year for Emaar as we demonstrated the outstanding success of our value-creation model. We are thankful to our shareholders for their continued support and their confidence in operational strategy of business segmentation and geographic expansion."
He added, "The inspiring initiatives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to further catalyse the growth of the economy have contributed to the record performance of Emaar and its subsidiaries.
With a market capitalisation of Dh78 billion as of November 23, 2014, Emaar is today one of the most valuable companies in the property sector. In the past year, Emaar’s stocks gained in value by about 57 per cent while growth in value over the past 52 weeks is about 95 per cent.
Emaar recorded a net operating profit of Dh2.489 billion and revenue of Dh7.039 billion during the first nine months of 2014.
The company has assets of Dh64.93 billion as of end-2013 and a land bank of over 226 million square metres in high-growth international markets.
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