Dubai – Mubasher: Emaar Properties announced in a filing to the Dubai Financial Market (DFM) on Thursday that its board of directors has recommended a cash dividend of AED 0.15 per share, representing 15% of capital and totaling AED 1.07 billion.

The annual ordinary general meeting has been scheduled for 15 April 2015, following the approval of the Securities and Commodities Authority (SCA).

Financials for the Dubai-based developer showed 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 previously announced a cash dividend worth AED 17.12 billion ($4.66 billion), representing 250% of the company’s nominal value. This follows its 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”.

Emaar’s capital amounts to AED 7.159 billion, divided on 7.159 billion shares at par value AED 1 per share.