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The first Annual General Meeting (AGM) of Emaar Development PJSC (DFM: EMAARDEV), the UAE build-to-sell property development business majority-owned by Emaar Properties PJSC (DFM: EMAAR), will be held on Tuesday, April 23, 2019, 5PM, at the Diamond Ballroom of Address Dubai Mall hotel in Downtown Dubai. If the meeting falls short of quorum, the AGM will be held at the same time and venue on Tuesday, April 30, 2019.
At the first AGM, the Board of Directors of Emaar Development will propose the distribution of AED 1.04 billion (US$ 283.15 million) dividend, representing 26 per cent of the share capital being 26 fils per share. The meeting will also receive and approve the report on the activities and financial position of the company for the year ending December 31, 2018; the Auditor’s report; and the company’s balance sheet. The new auditors for 2019 will also be appointed at the forum.
In October 2018, Emaar Development distributed AED 1.04 billion (US$ 283.15 million), representing 26 per cent of the share capital being 26 fils per share, as interim cash dividend to the company’s shareholders.
Last year, Emaar Development recorded a growth in net profit of 42 per cent to AED 3.901 billion (US$ 1.062 billion), compared to 2017. Total revenue for 2018 was AED 15.433 billion (US$ 4.202 billion), an increase of 74 per cent over the previous year.
Highlighting the strong investor interest for Emaar’s residential launches, the company reported record sales of AED 14.240 billion (US$ 3.877 billion) in 2018. The company has a backlog of AED 36.30 billion (US$ 9.88 billion), which will be recognised as revenue in the next three to four years.
During 2018, Emaar Development launched for sale over 6,500 residential units in Dubai, which recorded positive investor response, including from international buyers. The company has nine residential destinations in Dubai with over 29,800 homes currently under development.
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