Emaar Malls
EMAARMALLS
EMAARMALLS
Emaar
EMAAR
EMAAR
The Ordinary General Meeting (OGM) of Emaar Properties has approved on Monday the distribution of a total of AED 17.12 billion ($4.66 billion) in dividends to shareholders this year. This is about 250% of the par value of Emaar’s shares, reflecting the Company’s strong value creation.
This comes as one of the largest dividends declared by a Public Joint Stock Company in the UAE and the region, a statement by Emaar revealed.
The OGM approved a Special Cash Dividend of AED 9 billion ($ 2.45 billion), added to the dividend announced in April of AED 8 billion ($ 2.18 billion), including 15% cash dividend, equivalent to about AED 975 million ($ 265.5 million), and 10% bonus shares, or 650 million shares, valued at about AED 7.12 billion ($ 1.94 billion) at AED 10.95 per share, as of April 23, 2014.
The Special Cash Dividend follows the successful initial public offering (IPO) and listing of the Emaar Malls Group, Emaar Properties’ shopping malls and retail business unit on the Dubai Financial Market (DFM). The IPO recorded total orders exceeding AED 172 billion ($46.8 billion). The malls unit is currently has a value of 12% on the DFM.
Commenting on the dividend announcement, Emaar Properties Chairman Mohamed Alabbar, declared that the dividends underline the Company’s commitment to creating long-term value for shareholders. “This has been a milestone year for Emaar as we demonstrated the outstanding success of our value-creation model. We are thankful to our shareholders for their continued support and their confidence in operational strategy of business segmentation and geographic expansion. The inspiring initiatives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to further catalyse the growth of the economy have contributed to the record performance of Emaar and its subsidiaries. The overwhelming investor interest for Emaar Malls Group IPO is a strong testament to international investor confidence in Dubai and in Emaar’s value creation model. We will continue to explore growth opportunities in property, shopping malls & retail and hospitality & leisure, by leveraging Dubai’s positive growth.”
With its current market capitalisation of AED 78 billion ($21.25 billion) as at November 23, 2014, Emaar Properties is considered one of the top and most valuable companies in the real estate sector today. Over the past year, Emaar’s stocks gained around 57% in value while growth in value over the past 52 weeks reached approximately 95%.
Emaar has recorded a net operating profit of AED 2.489 billion ($678 million) and revenue of AED 7.039 billion ($1.916 billion) during the first nine months this year. Meanwhile, Emaar Malls recorded a total revenue of AED 1.898 billion ($517 million) during the same period, representing 27% of Emaar’s total revenue. The company’s flagship asset, The Dubai Mall welcomed more than 58 million visitors during the first nine months of 2014.
Emaar’s assets stood at AED 64.93 billion ($17.68 billion) as at the end of 2013 and an impressive land bank of over 226 million square metre in high-growth international markets.
This comes as one of the largest dividends declared by a Public Joint Stock Company in the UAE and the region, a statement by Emaar revealed.
The OGM approved a Special Cash Dividend of AED 9 billion ($ 2.45 billion), added to the dividend announced in April of AED 8 billion ($ 2.18 billion), including 15% cash dividend, equivalent to about AED 975 million ($ 265.5 million), and 10% bonus shares, or 650 million shares, valued at about AED 7.12 billion ($ 1.94 billion) at AED 10.95 per share, as of April 23, 2014.
The Special Cash Dividend follows the successful initial public offering (IPO) and listing of the Emaar Malls Group, Emaar Properties’ shopping malls and retail business unit on the Dubai Financial Market (DFM). The IPO recorded total orders exceeding AED 172 billion ($46.8 billion). The malls unit is currently has a value of 12% on the DFM.
Commenting on the dividend announcement, Emaar Properties Chairman Mohamed Alabbar, declared that the dividends underline the Company’s commitment to creating long-term value for shareholders. “This has been a milestone year for Emaar as we demonstrated the outstanding success of our value-creation model. We are thankful to our shareholders for their continued support and their confidence in operational strategy of business segmentation and geographic expansion. The inspiring initiatives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to further catalyse the growth of the economy have contributed to the record performance of Emaar and its subsidiaries. The overwhelming investor interest for Emaar Malls Group IPO is a strong testament to international investor confidence in Dubai and in Emaar’s value creation model. We will continue to explore growth opportunities in property, shopping malls & retail and hospitality & leisure, by leveraging Dubai’s positive growth.”
With its current market capitalisation of AED 78 billion ($21.25 billion) as at November 23, 2014, Emaar Properties is considered one of the top and most valuable companies in the real estate sector today. Over the past year, Emaar’s stocks gained around 57% in value while growth in value over the past 52 weeks reached approximately 95%.
Emaar has recorded a net operating profit of AED 2.489 billion ($678 million) and revenue of AED 7.039 billion ($1.916 billion) during the first nine months this year. Meanwhile, Emaar Malls recorded a total revenue of AED 1.898 billion ($517 million) during the same period, representing 27% of Emaar’s total revenue. The company’s flagship asset, The Dubai Mall welcomed more than 58 million visitors during the first nine months of 2014.
Emaar’s assets stood at AED 64.93 billion ($17.68 billion) as at the end of 2013 and an impressive land bank of over 226 million square metre in high-growth international markets.
Source:
Mubasher Exclusive
