Emaar Properties to hold its 16th AGM tomorrow

The 16th Annual General Meeting (AGM) of Emaar Properties PJSC will be held tomorrow evening at the Armani Hotel in Burj Khalifa.

The AGM will cover the proposal of the Board of Directors regarding distribution of dividends to the shareholders amounting to 15 percent of the share capital, AED 0.15 per share as a cash dividend, and 10 percent bonus shares of the share capital of the company for the year 2013.

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 31st, 2013. The AGM will also appoint the auditors for 2014.

"If the meeting falls short of quorum, the next AGM will be held at 7pm on Wednesday, April 30th, 2014, at the same venue," the property developer said in a statement.

Emaar had recorded full-year 2013 net profit of AED 2.568 billion (US$ 699 million) and annual revenue of AED 10.328 billion (US$ 2.812 billion). The company’s strong performance was underlined by recurring revenues from the company’s shopping malls and retail, hospitality and leisure business units, which together contributed AED 4.8 billion (US$ 1.307 billion) to FY’13 revenue, or 46 percent of the total.

With assets of over AED 62.82 billion (US$ 17.1 billion) and an impressive land-bank of more than 226 million sq m in high-growth international markets, Emaar’s growth strategy is to leverage the buoyant growth of Dubai’s real estate sector through iconic projects, build further on its partnerships, develop mall assets in international markets, and explore opportunities for monetising its core assets to provide further growth capital and create long-term value for its stakeholders.

Follow Emirates 24|7 on Google News.