Emaar suggests 10% dividend for 2011
Emaar Properties, the developer of the world’s tallest tower Burj Khalifa, has proposed a 10 % cash dividend for year 2011.
Emaar company -owned 31 % by Dubai’s government- had paid 10 % cash dividend, worth 600 million Dirham to shareholders for 2010 though initially it had not announced any plans.
No dividends were declared for 2008 and 2009, citing reinvestment for “long-term growth”, although the company paid 20 % dividend for 2007.
According to the company statement posted on the Dubai Financial Market, shareholders will meet on April 23 to discuss the proposal.
Last month, Emaar said that the profit for the 4thQ jumped 161 % to reach 716 million Dirham as against Dh274 million for the same quarter in 2010, as provisions and impairments dropped substantially.
However, net profit for 2011 dropped 27 % to Dh1.794 billion as compared to Dh2.448 billion for the previous year on lower revenues, as Emirates 24/7 stated.
Emaar shares closed 0.3 % lower at Dh3.05 on Monday. The shares have recovered 19 % this year against a 23 % advance for the DFM general index.
