Emaar dividend for 2010 under consideration
Emaar Properties may not pay dividend for 2010, as per a proposal which will be discussed at the annual general meeting (AGM) on April 5.
In an invitation sent to shareholders, the developer said that the board of directors would be discussing a proposal regarding “non-distribution†of dividend for the fiscal year 2010.
Emaar has not been paying dividend since 2008. In 2008 and 2009, the company said it would reinvest its profits into “long-term growth”. The developer had paid a 20 per cent dividend for 2007.
In February, Emaar said net operating profit rose 31 per cent to Dh3.034 billion in 2010 as against a net operating profit of D2.324bn in 2009. Annual revenue for 2010 was Dh12.15bn, 44 per cent higher than the 2009 revenues of Dh8.413bn.
It handed over 3,500 units in the UAE and internationally in 2010.
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