UAE-based Emaar Developments announced that it will propose the distribution of Dh1.04 billion worth dividend to its shareholders during the 23rd annual general meeting to be held on April 30. The proposed dividend represents 26% of the share capital at 26 fils per share, Gulf News reports.

The company said in a statement: “The meeting will also receive and approve the report of the board of directors on the activities and financial position of the company for the year ending December 31, 2018, the Auditor’s Report and the company’s balance sheet.”

Last year, Emaar Developments recorded a growth in net profit of 42 percent to Dh3.901 billion, compared to 2017. Its total revenue for 2018 was Dh15.433 billion, an increase of 74 percent over the previous year. In October, the company distributed Dh1.04 billion worth of dividend, representing 26 percent of the share capital.

In 2018, Emaar Developments successfully sold 6,500 residential units in Dubai, which led to a positive investor response, both local and international. At present, the company holds nine residential properties in Dubai with more than 29,800 homes under development.

Mohamed Alabbar, chairman of Emaar Properties, said: “We are thankful to our shareholders for their support that drives our growth and enables us to create long-term value for the company. Since our inception, we have continuously focused on redefining the property, retail and hospitality landscape of Dubai, and distributed $5.28 billion in cumulative dividends between 2011 to 2018.” Its parent company Emaar Properties recently reported a net profit increase of 30% in 2018 compared to the previous year.