By: Amr Adel

Dubai – Mubasher: Emaar Properties’ shareholders on Wednesday approved an AED 1.07 billion cash dividend for 2014. The dividend of 15 fils per share represents 15% of the company’s capital.

The company's ordinary general meeting (OGM) also approved Mohamed Al-Abbar’s re-election as board chairman.

Shareholders as at 26 April will be entitled to the dividend distributions.

Emaar, the largest-listed developer on the Dubai Financial Market (DFM), reported a 45% surge in its net profits for 2014, reaching AED 3.7 billion compared to AED 2.54 billion in 2013. It also achieved profits of AED 861 million in Q4-14, compared to AED 756 million in the same period in 2013.

Oman Arab Bank recently set the target price of Emaar’s stock at AED 9.6. The bank said it expects Emaar’s revenues to increase by the end of 2015 to AED 10.5 billion, compared to AED 9.9 billion in 2014, whereas net income is expected to decline to AED 2.8 billion in 2015, compared to AED 3.3 billion in 2014.

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

Translated by: Nada Adel Sobhi