Dubai's Emaar Development mulls withholding dividends after profit plunge | ZAWYA MENA Edition
Emaar Development, a subsidiary of Dubai’s largest listed developer Emaar Properties, is considering a proposal to withhold the distribution of dividends to shareholders.
The plan, proposed by the company’s board of directors, will be discussed during the third annual general meeting next month, according to a bourse filing to the Dubai Financial Market (DFM) on Wednesday.
This comes as the business saw net profits tumble 38 percent to 1.657 billion dirhams ($451 million) over the past year due to the health outbreak.
The company is the build-to-sell property development business that is majority-owned by Emaar Properties, which had also reported a 57 percent decline in net profits for 2020.
No comments:
Post a Comment