Dubai – Mubasher: Deyaar Development’s ordinary general meeting (OGM) approved the board’s recommendation for refraining from distributing any dividends for 2017, according to a bourse statement released on Thursday.

The OGM also approved a proposal to pay the company’s board members a total bonus makes up 1.5% of its net profit during 2017, the Dubai-listed developer revealed.

Deyaar posted a 37.6% decrease in net profits during the fourth quarter of 2017, registering AED 30.1 million ($8.2 million), compared to AED 48.3 million ($13.15 million) in the year-ago period.