Following its recent profits announcement for the first half of 2002, Emaar Properties PJSC, a regional real-estate development company, declared a half-yearly interim dividend of five percent of the face value of the company’s share.
The company further announced that it has set September 7 as the cut-off date for the preparation of the final shareholder list. The disbursement of the dividend will commence from September 10, 2002. Hence, investors who buy the company’s shares on or before September 5, 2002 are the only shareholders who will be entitled to the said dividends.
EMAAR Properties had recently announced half-yearly profits of 280 million Emirati dirhams ($76 million) for the first six months of 2002, a growth of 50 percent over the similar accounting period last year. After accounting for pre-operating expenses of newly set-up fully owned subsidiaries such as Dubai Bank, Emrill, and a soon-to-be-launched technology services company along with other expense provisions, the net half-yearly profit of the company was pegged at Dh240 million.
Emaar Properties as the government of Dubai as its largest shareholder. Mohamed Ali Alabbar, Emaar Properties chairman, said: “As a young, professionally managed company we have succeeded in setting a new benchmark in Public Joint Stock Company culture in the UAE and have continuously strived to add value to our over 42,000 national shareholders.”
Emaar has over the last four years generated profits of over Dh1.2 billion. In 1999 the company posted distributable profits of Dh200 million, followed by Dh348 million and Dh449 million in 2000 and 2001 respectively.
The declaration of the interim dividend for the first half of 2002 follows an annual dividend payout of eight percent by the company last year. In the first half of 2002, the average price of the Emaar scrip stood at Dh22.58, while the dividend yield per share works out to 2.21 percent, which is higher than what banks offer on deposits.
During the first half of 2002 Emaar launched two new residential projects The Meadows villa development at Emirates Hills and The Greens apartment project overlooking Emirates Golf Club.
EMAAR recently launched the first phase of 1,388 villas in its Springs waterfront community, which is already sold out. The company has now launched the second phase of the project.
In addition, following the sell-out of the first phase of the company’s Dubai Marina development, Marina 1, which comprises of six towers housing over 1,500 residential units, the company has begun bookings for the next phase of the project, Marina 4, a five building complex located on the eastern side of Dubai Marina.
EMAAR Properties is a Public Joint Stock Company listed on the Dubai Financial Market. Launched in 1997, Emaar currently it has six major real estate projects under development. Besides the real-estate projects EMAAR also owns and manages subsidiaries such as Dubai Bank, which is due to be launched imminently, Amlak Finance, the UAE’s first and only mortgage finance company, Emrill, a joint venture with the UK-based Carillion plc, which provides innovative property and facilities management services, and a technology services company that will be launched shortly. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
