The board of Emaar Malls, a unit of Dubai’s biggest listed developer Emaar Properties, approved the distribution of a Dh1.3 billion ($354 million) dividend to shareholders, it said on Tuesday.
The dividend represents 10 per cent of the share capital, or 10 fils per share, to its shareholders.
“Emaar Malls has consistently outperformed the market and continues to drive the growth of Dubai’s retail sector, supported by the robust fundamentals of the economy,” said Mohamed Alabbar, chairman of Emaar Properties and a board member of Emaar Malls.
The board approved the dividend payout at a shareholder meeting on Tuesday. During the meeting, the board also approved Emaar Malls’ 2018 audited financial results and the company’s balance sheet for 2018.
Emaar Malls recorded full year 2018 net profit of Dh2.23bn ($607m) – a 7 per cent increase from the full year 2017. Revenue for the period rose 23 per cent year-on-year to Dh4.446bn.
In February, Emaar Malls acquired the remaining stake in online fashion retailer Namshi, in which it had already held a 51 per cent stake since 2017, from Global Fashion Group for Dh475.5m.
The company plans to expand its geographical footprint in the Middle East and North Africa as a result of the deal, Emaar Malls' chief executive Patrick Bousquet-Chavanne told The National at the time.
Other upcoming Emaar Malls projects include Dubai Square, in the new Dubai Creek Harbour quarter, and extensions of Dubai Mall’s Fountain Views and Zabeel sections.
