Emaar Properties, the global property developer, declared ten per cent cash dividend at the 13th Annual General Meeting held in Dubai on Monday, March 28, 2011.
At the AGM, the assembly approved the report of the Board of Directors on the activities and financial position of the company and the balance sheet, and granted approval for the members of the Board to carry on activities relating to real estate. The Assembly also appointed Deloitte as the Auditors for the year 2011.
Addressing the shareholders, Mr Mohamed Alabbar, Chairman, Emaar Properties, said the vision for the company is “to be further recognised as the developer of world icons supported by superior performing subsidiaries and country operations that operate as stand-alone profit centres.”
Emaar has total assets of AED 62.5 billion (US$ 17 billion) of which international assets are valued at AED 22.47 billion (US$ 6.12 billion). In 2010, Emaar recorded a net operating profit of AED 3.034 billion (US$ 826 million), 31 per cent higher than the net operating profit of AED 2.324 billion (US$ 633 million) recorded in 2009.
Annual revenue for 2010 was AED 12.150 billion (US$ 3.308 billion), 44 per cent higher than the 2009 revenues of AED 8.413 billion (US$ 2.29 billion). Revenue from international operations accounted for AED 973 million (US$ 265 million), nearly eight per cent of the total.
The company’s shopping malls & retail and hospitality subsidiaries contributed significantly to the revenues for the year, highlighting the successful creation of recurring revenue streams for Emaar. Approximately 24 per cent of the total revenues were from these two business segments with shopping malls & retail revenues of AED 1.9 billion (US$ 517 million), and hospitality revenues of approximately AED 1 billion (US$ 272 million).
Highlighting the strong fundamentals of the company, Emaar successfully executed two public offerings including the Convertible Bond of US$ 500 million in September 2010 and US$ 500 million Sukuk in January 2011 to overwhelming investor response. These offerings were the first by a corporate entity out of the region, following the global financial slowdown.
In 2010, Emaar underscored its global credentials in project delivery with the grand inauguration of Burj Khalifa, the world’s tallest building, now described as a Global Icon and ‘A Living Wonder.’ Emaar delivered more than 3,100 units in the UAE in 2010, nearly one-fourth of them in Burj Khalifa. Emaar stressed on project completion in its international markets too, with the handover of over 420 units last year.