• AGM to discuss the Board’s proposal regarding distribution of 15% cash dividend to shareholders
• AGM to elect new Board of Directors with 10 members
• Emaar recorded exceptional growth year in 2014 with net operating profit of AED 3.350 billion (US$ 912 million)
• Set history with distribution of AED 17.12 billion (US$ 4.66 billion) in total dividend highlighting sustained value creation for shareholders
Dubai, UAE; April 13, 2015: Emaar Properties PJSC will hold its 17th Annual General Meeting (AGM) on Wednesday, April 15, 2015, at 4pm at the Diamond Ballroom of The Address Dubai Mall in Downtown Dubai. If the meeting falls short of quorum, the next AGM will be held at the same time on Wednesday, April 22, 2015, at the same venue.
The AGM will discuss the proposal of the Board of Directors regarding the distribution of dividends amounting to 15 per cent of the share capital being 15 fils per share as cash dividend for the year 2014. In addition to electing the members of the Board of Directors and discussing the change of the Board members from 11 to 10, the meeting will also receive and approve the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2014. The AGM will also appoint the auditors for 2015.
Mohamed Alabbar, Chairman of Emaar Properties, said: “We marked an exceptional growth year in 2014. Our new property launches recorded strong investor response, particularly from end-use home-owners, and we committed ourselves to project delivery in all our key markets. Emaar’s strong performance was highlighted by the significant growth in recurring revenues from our shopping malls & hospitality businesses that contributed over 54 per cent of the total revenue.”
He added: “The impressive performance of Emaar was supported by the transformational growth of Dubai as a global business and leisure hub, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, and the unwavering confidence of our stakeholders in us to creating long-term value for their investment.
“Emaar underlined our commitment to our shareholders by distributing an impressive AED 17.12 billion (US$ 4.66 billion) in total dividend last year. We also recorded consistent growth in profitability over the years, achieving 30 per cent year-on-year growth in net operating profit at AED 3.350 billion (US$ 912 million) in 2014. Moving ahead, we will uphold our core strategy of developing quality-driven projects, timely delivery and excellent customer service to generate sustained value for our shareholders.”
In 2014, Emaar recorded total revenues of AED 9.893 billion (US$ 2.693 billion), with its shopping malls, retail and hospitality businesses generating 5.367 billion (US$ 1.461 billion) in recurring revenue. The company’s international operations recorded robust growth with FY 2014 revenue at AED 1.899 billion (US$ 517 million), 19 per cent of the total revenue.
Emaar also made history in 2014 following the record-breaking IPO and successful listing of its shopping malls & retail business, Emaar Malls (DFM: EMAARMALLS), on the Dubai Financial Market. Delivering on its promise to shareholders, Emaar distributed the proceeds of the IPO as special cash dividend.
With over 235 million sq metres of land bank in Dubai and international markets, Emaar has total assets of over AED 74 billion (US$ 20 billion) and a market value of over AED 50 billion (US$ 13.6 billion), as of April, 2015, making it one of the largest real estate companies in the world. The company has more than 690,000 sq m of recurring revenue generating assets apart from 13 hotels with over 1,900 rooms.
Emaar has delivered more than 38,600 residential units including over 22,000 apartments and 16,600 villas in Dubai and other international markets including Egypt, Saudi Arabia, Turkey, Lebanon and Pakistan, among others. In Dubai alone, Emaar has handed over 33,000 residential units, including over 20,500 apartments and around 12,500 villas. Emaar has also delivered 2.5 million sq. ft. of commercial real estate across its global markets including more than 1.8 million sq. ft. in Dubai.
The Dubai Mall, Emaar’s flagship asset, defined itself once again as the world’s most visited retail and lifestyle destination welcoming over 80 million visitors last year. The visitor arrivals also contributed to increased retail sales by tenants at the mall, which at AED 16 billion (US$ 4.3 billion), is about 5 per cent of Dubai’s gross domestic product.
Underlining the strong partnerships it fosters to support Dubai’s growth, Emaar launched the waterfront Dubai Creek Residences in Dubai Creek Harbour at The Lagoons, developed jointly with Dubai Holding, and Mulberry Park Heights in Dubai Hills Estate, a joint venture with Meraas Holding.
Emaar also marked several milestone property launches with total sales value in Dubai during FY 2014 at over AED 11.5 billion (US$ 3.13 billion). Emaar recorded positive sales in its international markets, with average overall sales of 84 per cent. Positive growth was recorded in Egypt, Saudi Arabia, Turkey, Lebanon, Pakistan and India, among other markets.