Leading Dubai developer Emaar Properties will propose the distribution of dividends worth Dh1.07 billion ($290 million), representing 15 fils per share, to the shareholders at the 23rd Annual General Meeting (AGM) to be held on April 29.

The AGM, which will propose dividends equal to 15 per cent of the share capital, will also receive and approve the report of the board of directors on the activities and financial position of the company for the year ending December 31, 2018.

Emaar had last year reported a net profit of Dh7.22 billion ($1.96 billion), up 30 per cent over 2017, prior to considering the effect of the IPO of Emaar Development and forex movement. Revenue in 2018 was Dh25.7 billion ($6.9 billion), a growth of 37 per cent over the previous year.

To be held on April 29 at Address Dubai Mall hotel in Downtown Dubai., the AGM will also approve the auditor’s report; and the company’s balance sheet. Besides it will also see the appointment of new auditors for 2019.-TradeArabia News Service