Emaar declares 15% cash dividend, equivalent to $292m

Developer announces distribution to shareholders after posting net profit of more than AED5bn in 2016

Mohamed Alabbar, chairman of Emaar Properties.

Mohamed Alabbar, chairman of Emaar Properties.

Emaar Properties on Monday declared a cash dividend of 15 percent, equivalent to AED1.074 billion ($292 million), for distribution to the company’s shareholders.

In 2016, Emaar recorded net profit of AED5.233 billion and revenues of AED15.540 billion. Recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses was AED5.976 billion, 38 percent of the total group revenue.

Emaar’s international operations reported revenue of AED2.665 billion, 17 percent of the total revenue, state news agency WAM reported.

The performance of Emaar’s real estate sales in Dubai recorded notable growth during 2016 at AED14.4 billion while Emaar now has a backlog of AED42.977 billion to be recognised in the next few years, it added.

Emaar also strengthened its landbank in the UAE which now stands at over 24 million sq m - taking its total land bank across all markets to over 190 million sq m.

Mohamed Alabbar, chairman of Emaar Properties, said: "Our ambition is to further strengthen customer loyalty and enhance our brand value. We will achieve this with our absolute focus on being a customer-centric organisation.

"Across all our businesses, we focus on bringing high-calibre professionals while also shaping the next generation of young future leaders. Our new growth approach is led by the digital transformation of our operations, which will transform our company and ensure that we are future-ready."

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