Emaar Proposes 10 Fils Dividend

The property developer said that it will discuss the proposal with shareholders during its annual general meeting on April 23.

UAE-based developer Emaar Properties has proposed a 10 fils cash dividend for 2011, the company said in a statement to the Dubai Financial Market (DFM) on Tuesday. Following the announcement, the company’s shares dropped 2.6 per cent to Dhs2.97 at the close of trading on Tuesday, according to Bloomberg.

In a statement posted on the DFM website today, Emaar said that it will discuss the dividend proposal during its annual general meeting on April 23. The company had also paid a dividend of 10 fils for 2010.

On Monday, Emaar announced that it was expanding its board of directors to 11 members, with just four of the current eight members.

Last month, Emaar said that it recorded a net profit of Dhs1.79 billion for 2011, a decline of 27 per cent compared to 2010. However, the developer saw fourth quarter net profits rising a massive 161 per cent to Dhs716 million, compared to Dhs274 million during the same period a year ago.