Emaar Properties to propose 15 fils dividend

The company posted a 30 per cent rise in full-year 2018 net income and will put forward the 15 fils per share proposal at shareholders meeting on Monday

Burj Khalifa in Dubai lit up with the UAE flag. The country's banking regulator cut key interest rates following the Fed's move. Leslie Pableo / The National

Emaar Properties, Dubai's largest listed developer, said it will propose a dividend of 15 fils per share in a shareholders meeting next week.

The developer of Burj Khalifa, the world's tallest tower, is set to hold its annual general meeting on April 22 when it will propose distributing Dh1.07 billion, or 15 fils a share, in dividends to shareholders, Emaar Properties said.

"The meeting will also receive and approve the report of the board of directors 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 company said on Thursday.

The company posted a 30 per cent rise in full-year 2018 net income of Dh7.22bn, beating analysts’ estimates, as revenues surged. It also recorded a Dh1.95bn fourth-quarter profit, a 34 per cent year-on-year advance. Revenues for the last three months of 2018, also rose 53 per cent to 8.3 billion.

Emaar Properties closed down 0.6 per cent to Dh 4.94 after at the market close on Thursday.