Emaar Propertes' shares drop after firm proposes 15% dividend | ZAWYA MENA Edition:
Emaar Properties, Dubai's largest listed developer, has proposed a 15 percent dividend for the year 2018, in line with estimates.
In a statement to the Dubai exchange, the company said that its board of directors has recommended to distribute dividends to its shareholders amounting to 1.07 billion United Arab Emirates dirhams ($291 million), or 15 fils per share, which was in line with an estimate by broker Arqaam Capital.
The company announced a full-year net profit for last year of 6.11 billion dirhams, compared to 5.57 billion dirhams for the year 2017, translating into a 9.7 percent increase. Revenues for 2018 stood at 25.69 billion dirhams, compared to 18.75 billion dirhams in 2017 - a 37 percent increase.
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