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23 February 2024

23rd Annual General Meeting of Emaar Properties to propose D1.07bn dividend for shareholders

By Wam

The 23rd Annual General Meeting, AGM, of Emaar Properties PJSC will be held on Monday, 22nd April 2019, in Dubai. If the meeting falls short of quorum, the AGM will be held at the same time and venue on Monday, 29th April 2019.

The AGM will propose the distribution of AED 1.07 billion (US$ 290 million) dividend, representing 15 percent of the share capital being 15 fils per share, to shareholders. The meeting will also receive and approve the report of the Board of Directors on the activities and financial position of the company for the year ending 31st December

2018; the Auditor’s Report; and the company’s balance sheet. The new auditors for 2019 will also be appointed.

Emaar reported a net profit of AED 7.216 billion (US$ 1.965 billion) in 2018, a 30 per cent increase over 2017, prior to considering the effect of the IPO of Emaar Development and forex movement. Revenue in 2018 was AED 25.694 billion (US$ 6.995 billion), a growth of 37 per cent over the previous year.

The No 1 listed developer by market capitalisation in the MENA region under MSCI EM Index, Emaar has a landbank of over 1.6 billion square feet in key markets. Today, Emaar is the world’s largest property company outside China, with a brand value of over US$ 2.7 billion. Emaar is also among the top 10 brands in the Middle East, with its brand value increasing by 39 per cent over 2017.