Dubai Financial Market-listed (DFM) real estate developer Emaar Properties has approved a 15% dividend, worth $290m (AED1.1bn), after noting a 39% surge in its 2018 profits.
In a stock market missive, the company revealed details of its 23rd Annual General Meeting, during which the dividend was approved. Around 7.2 billion Emaar shares are traded on DFM.
Referring to the company as a "future-ready" and "digital-first" organisation, Mohamed Alabbar, chairman of Emaar Properties, said: “Since our inception, we have continuously focused on redefining the property, retail, and hospitality landscape of Dubai, and distributed $5.3bn (AED19.4bn) in cumulative dividends between 2011 to 2018.”
Despite challenging market conditions, Emaar reported a net profit of $2.5bn (AED9bn) in 2018, higher than corresponding figures of $1.8bn (AED6.5bn) in 2017, according to its annual report for last year.
Prior to its floatation of an initial public offering for Emaar Development, the developer's net profit amounted to $2bn (AED7.2bn) in 2018, a 30% surge compared to $1.5bn (AED5.5bn) in the previous year.