Dubai real estate giant says it will hold annual general meeting on April 9
Emaar Properties will hold its annual general meeting on Tuesday to discuss the proposal of distributing a 10 percent dividend to its shareholders.
The board's proposal, which is the same as the past two years, comes after the Dubai developer recorded full-year net profits of AED2.119bn ($577m) in 2012, 18 percent higher than the previous year.
Annual revenues for 2012 reached AED8.240bn, marginally higher than the figure for 2011.
Emaar, the UAE’s biggest developer by market value and owned 31 percent by Dubai’s government, did not distribute dividends in 2009 and 2008, according to data compiled by Bloomberg.
Emaar's revenue from sale of apartments more than doubled last year, offseting a sharp drop in sales of commercial units that is struggling to recover three years after the emirate's property market collapse.
The builder of the world's tallest tower generated a revenue of AED2.5bn from sales of condominiums last year, compared with AED1.1bn in 2011.
However, income from sale of commercial units, plots and others dropped significantly to AED682.2m compared with AED2.7bn in the prior-year.
Emaar is one of the better performing companies in Dubai's real estate sector with its focus on retail and hospitality segments helping it see through the emirate's real estate crash which resulted in a 50 percent slump in prices.
Dubai itself has witnessed a gradual recovery in its property market largely buoyed by return of speculative buyers in the home sales segment.
Last year, Emaar handed over some 1,100 homes and more than 140,000 sq ft of commercial office space in Dubai as well as over 700 homes and more than 122,000 sq ft of commercial space in its international markets.
Emaar launched several projects including Panorama at The Views, The Address The BLVD in Downtown Dubai, and luxury villas and town houses in Arabian Ranches.