ABU DHABI: Emaar Properties PJSC has authorised the distribution of 15% cash dividend to its shareholders. The approval of the dividends, equivalent to $292m (AED1.074bn), was announced during the company’s 19th annual general meeting (AGM). The report of the Board of Directors on the activities and financial position of Emaar, the auditor’s report, and the balance sheet for 2016 were also approved during the AGM.
Ernst and Young was appointed as the auditor for 2017. In 2016, Emaar recorded a net profit of $ 1.425bn (AED5.233bn), and revenues of $4.231bn (AED15.540bn). Recurring revenues from Emaar’s shopping malls, hospitality, entertainment, and leisure businesses was $1.627bn (AED5.976bn), 38% of the group’s total revenue. Meanwhile, Emaar’s international operations logged a revenue of $726m (AED2.665bn), which was 17% of the group’s total revenue. According to UAE state news agency, WAM, the developer’s real estate sales in Dubai also recorded notable growth during 2016, at $3.95bn (AED14.4bn). Sales across various international markets in 2016 were valued at $1.1bn (AED3.9bn). Emaar Properties reportedly now has a backlog of $11.701bn (AED42.977bn), to be recognised in the next few years.