UAE construction firm plans to hold general meeting to distribute cash dividend to shareholders
Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, is set to hold a meeting on Wednesday to discuss plans to distribute a special cash dividend of AED1.04 billion ($283.15 million) to shareholders.
The proposed cash dividend represents 26 percent of the share capital, it said in a statement.
If the meeting falls short of quorum, the next general meeting will be held on October 24, the company added.
Emaar Development listed on the Dubai Financial Market in the fourth quarter of 2017 and was the largest listing since 2014.
The company recorded a net profit of AED1.82 billion during the first six months of 2018, an increase of 68 percent over the same period in 2017. Revenue was AED6.99 billion, 119 percent more than H1 2017 while total sales reached AED6.23 billion.
Emaar now has a total sales backlog of over AED38.50 billion, majority of which will be recognised as revenue over the next three to four years.
Emaar Development launched the sale of over 3,600 residential units across its mega developments in Dubai in the first half of the year, and now has a development pipeline of over 60 residential projects in the UAE with over 28,000 units.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.