Emaar declare 10% cash dividend
Retail and hospitality subsidiaries contribute greatest share as total assets reach US$17 billion
Property developer Emaar Properties PJSC has declared a 10% cash dividend.
The announcement was made during the company’s 13th AGM last month and attributed to Emaar’s shopping malls and retail and hospitality subsidiaries, which contributed a combined 24% towards to the revenues.
Shopping mall and retail revenues stood at US$517 million and hospitality revenues approximately $272 million.
Among Emaar’s highlights for 2010, were the inauguration of the Burj Khalifa, and the $500 million convertible bond offerings in September 2010 and January 2011.
Other news from the company included the appointment of Deloitte as auditors for 2011 and the approval of members of the board to continue in their real estate activities.
Emaar has total assets of $17 billion, of which international assets are valued at $6.12 billion.
In 2010, Emaar recorded a net operating profit of $826 million; 31% higher than the net operating profit of $633 million the company recorded in 2009.
Annual revenue for 2010 stood at $3.308 billion, 44% higher than 2009.
Revenue from international operations accounted for $265 million, equating nearly 8% of the total.
