Leading Dubai developer Emaar Properties said it has won approval at the 19th annual general meeting (AGM) for distribution of cash dividends of 15 per cent of the share capital, equivalent to Dh1.074 billion ($292 million) to the shareholders.

The AGM also approved the report of the board of directors on the activities and financial position of Emaar, the auditor’s report, and balance sheet for 2016. Ernst and Young was appointed as the auditor for 2017.

The assembly also approved the Employees Incentive Scheme.

Addressing the gathering, chairman Mohamed Alabbar, said Emaar has created sustained value for shareholders through its competencies premium real estate, malls and hospitality.

“The leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspires us to push our boundaries and expand our operations with the goal of creating added value for our stakeholders,” he stated.

In 2016, Emaar recorded a net profit of Dh5.233 billion ($1.42 billion), and revenues of Dh15.5 billion ($4.231 billion). Recurring revenues from Emaar’s shopping malls, hospitality, entertainment and leisure businesses was Dh5.976 billion ($1.627 billion), 38 per cent of the total group revenue.

Emaar’s international operations reported revenue of Dh2.665 billion ($726 million), 17 per cent of the total Group revenue.

"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," stated Alabbar.

"We will also strengthen our financial performance by maintaining a robust balance sheet. 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," he added.-TradeArabia News Service