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Emaar Properties PJSC will hold its 15th Annual General Meeting on Tuesday, April 9, 2013, at 5pm at the Diamond Ballroom of The Address Dubai Mall hotel in Downtown Dubai.
The AGM will discuss the proposal of the Board of Directors regarding distribution of dividend to shareholders, amounting to 10 percent of the company’s share capital for the year 2012. The meeting will receive and approve the report of the Board of Directors on the company’s activities and financial position, and the Auditors’ report for the year ending December 31, 2012. The AGM will also appoint the auditors for 2013.
If the meeting falls short of quorum, the next AGM will be held at 5pm on Tuesday, April 16, 2013, at the same venue.
In 2012, Emaar recorded full-year net profits of AED 2.119 billion (US$ 577 million), 18 percent higher than the full-year 2011 net profit of AED 1.794 billion (US$ 488 million). Annual revenues for 2012 reached AED 8.240 billion (US$ 2.243 billion), similar to the 2011 revenues of AED 8.112 billion (US$ 2.209 billion).
Highlighting the successful strategy of Emaar to create long-term value for its stakeholders, the company’s shopping malls & retail and hospitality & leisure businesses contributed AED 4.096 billion (US$ 1.115 billion) to the full-year revenue, representing 50 percent of the total. The contribution of Emaar’s international operations to the total revenue was AED 1.264 billion (US$ 344 million), representing 15 percent of the total revenue.
Last year, Emaar handed over some 1,100 homes and more than 140,000 square feet of commercial office space in Dubai as well as over 700 homes and more than 122,000 square feet of commercial space in its international markets. Emaar energised Dubai’s property market in 2012 with the launch of several premier projects including Panorama at The Views, The Address The BLVD in Downtown Dubai, and luxury villas and town houses in Arabian Ranches.
With several key project launches in Dubai in the past months, all of them recording sell-out investor response, Emaar is focused on strengthening its competencies in developing prime real estate assets in the Middle East and North Africa region, the Indian Subcontinent and South Asia as well as its successful shopping malls & retail and hospitality & leisure businesses, and expanding to key markets globally.