Aldar OGM approves 11 fils/shr dividends

Aldar OGM approves 11 fils/shr dividends
(Photo credit: Arabianeye-Reuters)
Aldar Properties ALDAR 0.88% 2.30 0.02

By: Ramy Sameeh

Abu Dhabi- Mubasher: Shareholders at Aldar Properties on Monday approved distributing cash dividends representing 11% of the company’s capital for 2016, at 11 fils per share.

Total value of the distributions amounts to AED 865 million ($235.4million), less than distributions made in 2015 and 2014, which were AED 786.3 million or 10 fils per share, and AED 707.7 million or 9 fils per share, respectively, according to statistics by Mubasher.

The decision came during the company’s ordinary general meeting (OGM), which also approved the general budget and profits and loss accounts for 2016.

Aldar had previously reported an increase in its net profits for 2016 by 8%, reaching AED 2.8 billion compared to AED 2.6 billion in 2015.

Aldar achieved AED 727.9 million in net profits in the fourth quarter of 2016 compared to AED 734.6 million in the year-ago period.

Established in 2001 with a capital of AED 7.86 billion, Aldar is one of the largest real estate developers in the Middle East and North Africa (MENA) region, with assets valued at more than $10 billion.

Translated by: Mohamed Hesham Azab


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Source: Mubasher Exclusive