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Emaar proposes 15pc cash dividends for 2016

DUBAI, March 7, 2017

Dubai-based global real estate developer Emaar Properties has proposed a cash dividend of 15 per cent to shareholders following a robust performance in 2016 which saw its net profit soar to Dh5.233 billion ($1.42 billion).

The distribution of cash dividends (equal to 15 fils per share) is subject to the approval of shareholders at the annual general meeting on April 17, said the developer of the world's tallest building, Burj Khalifa, in a statement to the Dubai bourse on Tuesday.

Emaar had put up a solid performance last year registering a 14 per cent growth in its FY 2016 revenues which soared to Dh15.54 billion ($4.231 billion) compared to Dh13.661 billion ($3.719 billion) the year before.

Highlighting the strength of its diversified business model, recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses for 2016 stood at Dh5.976 billion ($1.627 billion) similar to 2015, despite the ongoing redevelopment at The Address Downtown Dubai.

The recurring revenue businesses now account for 38 per cent of the total group revenue, it said.

Emaar’s international operations too netted revenue worth Dh2.665 billion ($726 million) for the group during FY 2016 accounting for 17 per cent of its total revenue.-TradeArabia News Service




Tags: Emaar | Dubai | profit | dividend |

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