Dubai – Mubasher: Emaar Properties retreated on the Dubai Financial Market (DFM) early Thursday despite a recommendation to distribute dividends representing 15% of capital or worth AED 0.15 per share, totaling AED 1.07 billion.

The stock dropped 1.9% to AED 7.21 after the first hour of trading. Around 4.8 million shares were exchanged at a turnover of AED 35 million.

Emaar previously announced a cash dividend worth AED 17.12 billion ($4.66 billion), representing 250% of the company’s nominal value.

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 Dubai-based developer reported 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.