Dubai – Mubasher: Dubai-listed Emaar Properties has announced in a bourse filing that its Board of Directors will meet on March 4 at 3 pm to discuss the developer’s financials and dividends for 2014 added to setting up the date for the annual general meeting (AGM).

Financials for the Dubai-based developer show a significant growth in its net profits by 45% to AED 3.7 billion in 2014 against AED 2.54 billion.

Profits for the fourth quarter rose by 14% to AED 861 million against AED 756 million in Q4-13.

Emaar had announced a cash dividend totaling AED 17.12 billion ($4.66 billion) to shareholders in 2014, representing around 250% of the firm’s total fair value. This follows Emaar’s initial public offering (IPO) of its Emaar Malls Group on the DFM.

Moody’s Investors Service recently changed its outlook for Emaar from stable to positive and “has affirmed all ratings including the Ba1 ratings on the two sukuk issued under Emaar Sukuk Limited”.

"The change to positive outlook reflects the strengthening of Emaar's real estate development, hospitality and retail operations, its disciplined approach to capital expenditure during the recent market up-cycle, which together with the firm's solid liquidity position and sizeable property sales backlog will insulate the company against an anticipated moderate price correction in the Dubai real estate market", said Rehan Akbar, an Analyst in Moody's Corporate Finance Group and local market analyst for Emaar.