Dubai, UAE; April 15, 2015: The 17th Annual General Meeting (AGM) of Emaar Properties PJSC will be held today (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, 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.
Emaar recorded AED 3.350 billion (US$ 912 million) net operating profit for full-year 2014, 30 per cent higher than in 2013. The company’s total revenue was 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, 54 per cent of the total. Emaar’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, distributing a total dividend of AED 17.12 billion (US$ 4.66 billion), following the record-breaking IPO and successful listing of its shopping malls & retail business, Emaar Malls (DFM: EMAARMALLS), on the Dubai Financial Market.
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.