Emaar’s AGM for 15% dividend approval on Monday

The 18th annual general meeting of Emaar Properties will be held on Monday to discuss the proposal of a 15 per cent (15 fils per share) cash dividend for 2015.

The AGM will be held at 5pm at the Diamond Ballroom of The Address Dubai Mall. If the meeting falls short of quorum, the next AGM will be held at on Monday, April 25 at the same time and venue.

The meeting will also receive and approve the report by the board on the activities and financial position of the company as well as the auditor’s report for the financial year ending December 31, 2015. The company will also appoint the auditors for 2016.

The meeting will also submit the proposal by the board to approve by special resolution the amendment of the Articles of Association in accordance with Federal Law No 2 of 2015 on Commercial Companies.

In 2015, the developer recorded net operating profit of Dh4.383 billion, 18 per cent higher than the FY 2014, and revenue of Dh13.661 billion, 33 per cent higher than the previous year. The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of Dh5.788 billion, 42 per cent of the total revenue.

Earlier this month, company Chairman Mohamed Alabbar said Year 2016 has been better four them than 2015.

“If you ask me about Emaar’s numbers, I don’t see any pull back,” Alabbar said after unveiling the $1 billion The Tower in Dubai Creek Harbour development.

“Property cycles are natural. There are good years and there are bad years. Dubai can adapt to changing demand,” he added.