The first Annual General Meeting (AGM) of Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business majority-owned by Emaar Properties PJSC (DFM: EMAAR), approved the distribution of AED 1.04 billion (US$ 283.15 million) dividend, representing 26 per cent of the share capital being 26 fils per share, to the company’s shareholders.
The meeting also approved the report on the activities and financial position of the company for the year ending December 31, 2018; the Auditor’s report; and the company’s balance sheet. KPMG was appointed as the new auditors for 2019.
Mohamed Alabbar, Chairman of Emaar Development and Emaar Properties, said: “Our strategy for Emaar Development is to consolidate growth and prepare for the next era by continuing to build smart residential communities that meet the aspirations of the new generation of customers. We are also reaching out to international investors, especially from markets such as China, highlighting not only the quality of life that our communities provide but also the significant return on investment. We are thankful to our shareholders for their confidence in us and we will continue to develop iconic destinations that position us as one of the world’s most admired property developers.”
In October 2018, Emaar Development distributed AED 1.04 billion (US$ 283.15 million), representing 26 per cent of the share capital being 26 fils per share, as interim cash dividend to the company’s shareholders.
Last year, Emaar Development recorded a growth in net profit of 42 per cent to AED 3.901 billion (US$ 1.062 billion), compared to 2017. Total revenue for 2018 was AED 15.433 billion (US$ 4.202 billion), an increase of 74 per cent over the previous year. Highlighting the strong investor interest for Emaar’s residential launches, the company reported record sales of AED 14.240 billion (US$ 3.877 billion) in 2018.
During 2018, Emaar Development launched for sale over 6,500 residential units in Dubai, which recorded positive investor response, including from international buyers. The company has nine destinations in Dubai with over 29,800 homes currently under development.
