AGM to discuss the Board’s proposal regarding distribution of 15% cash dividend to shareholdersEmaar recorded 18% growth in net operating profit and 33% growth in revenue during 2015 compared to 2014Focus of 2016 to developing prime real estate assets in Dubai and other international markets & strengthening malls & hospitality businessesEmaar Malls AGM to be held on April 19 to discuss proposal regarding distribution of 10% cash dividend to shareholders
Dubai, UAE; April 16, 2016: Global developer Emaar Properties PJSC will hold its 18th Annual General Meeting (AGM) on Monday, April 18, 2016, 5pm, at the Diamond Ballroom of The Address Dubai Mall. If the meeting falls short of quorum, the next AGM will be held on Monday, April 25 at the same time and venue.
The AGM of Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by global property developer Emaar Properties, will also be held on Tuesday, April 19, 2016, 5pm, at the Diamond Ballroom of The Address Dubai Mall. If it falls short of quorum, the next AGM will be held on Tuesday, April 26 at the same time and venue.
The Emaar Properties AGM will discuss the proposal of the Board of Directors to distribute cash dividends amounting to 15 per cent of the share capital being 15 fils per share for the year 2015. The meeting will also receive and approve the report by the Board on the activities and financial position of the company as well as the Auditor’s report for the financial year ending December 31, 2015. Furthermore the AGM will appoint the auditors for 2016.
Further, the meeting will also submit the proposal by the Board of Directors to approve by special resolution the amendment of the Articles of Association of Emaar Properties in accordance with Federal Law No 2 of 2015 on Commercial Companies.
The Emaar Malls AGM will discuss proposal of the Board of Directors regarding the distribution of dividends to the shareholders amounting to 10 per cent of the share capital being 10 fils per share as cash dividend. The meeting will also receive and approve the report of the Board of Directors on the activities and financial position of the company for year ended Dec. 31, 2015, and appoint auditors for the year 2016. The meeting will also seek to approve the amendment of the name of the company from Emaar Malls Group to Emaar Malls.
Mohamed Alabbar, Chairman of Emaar Properties, said: “Despite the challenges in the regional economic environment, Emaar recorded robust growth during 2015 led by our strategy to develop world-class real estate assets that reflect the aspirations of our customers. Our diversified business model, with increasing share of revenues from the shopping malls and hospitality operations, and the continued expansion in high-growth international markets also contributed to our healthy financial results.”
He added: “Our commitment is to create long-term value for our stakeholders, and we will continue to set high benchmarks through our development strategy for 2016. In this, our emphasis is on developing iconic new projects that support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establish Dubai as a smart and sustainable city, and a preferred place to live, work and visit. With group sales in 2015 amounting to over AED 15.28 billion and a conservative capital structure, we are on track to record significant growth and boost profitability.”
In 2015, Emaar recorded net operating profit of AED 4.383 billion (US$ 1.193 billion), 18 per cent higher than the FY2014, and revenue of AED 13.661 billion (US$ 3.719 billion), 33 per cent higher than the previous year.
Emaar has a total backlog of AED 37.31 billion across all markets. In the UAE, total sales in 2015 were over AED 10.23 billion (US$ 2.79 billion) with a backlog of AED 25.81 billion (US$ 7.03 billion) to be recognised over the next four to five years. Sales across various international markets in 2015 were valued at AED 5.05 billion (US$ 1.37 billion).
The shopping malls & retail and hospitality & leisure businesses recorded recurring revenues of AED 5.788 billion (US$ 1.576 billion), 42 per cent of the total revenue. The hospitality & leisure business recorded revenues of AED 1.677 billion (US$ 457 million), outperforming the broader hospitality market with the average annual occupancy at The Address Hotels + Resorts at 86 per cent.
In 2015, Emaar Malls recorded a net profit of AED 1.656 billion (US$ 451 million) while rental income was AED 2.992 billion (US$ 815 million). Visitor arrivals across all Emaar Malls assets crossed 124 million in 2015, an increase of 9 per cent compared to 2014, with The Dubai Mall accounting for 80 million annual visitors, once again clinching the honour as the world’s most-visited shopping and leisure destination.
Emaar Malls has a gross leasable area of about 6 million sq ft. This is being expanded with the ongoing addition of another 1 million sq ft built-up area at The Dubai Mall’s Fashion Avenue. It will add another 150 international and local brands to the mall, adding more choice to visitors.
In 2015, revenue from international operations of Emaar increased by 46 per cent to AED 2.620 billion (US$ 713 million), accounting for 19 per cent of the total revenue. Emaar Misr, the Egyptian subsidiary of Emaar Properties, which is listed on The Egyptian Exchange, delivered superior growth across all metrics, achieving a 74 per cent increase in revenue in 2015 and 22 per cent growth in year-on-year sales.
To date, Emaar has handed over more than 40,000 residential units in Dubai and other international markets. Of these, to date, over 33,800 units were handed over in the UAE since 2001. About 79 per cent of the total units launched in 2014 and 2015 have been sold.
This year, Emaar is rolling out world-class residential projects in Dubai including in the Dubai Creek Harbour, a 6 sq km ultra-modern development located along the historic creek and near the Dubai International Airport. Recently approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the development will feature ‘The Tower’, planned as an architectural wonder that will be as great as Burj Khalifa and Eiffel Tower.
Emaar has also recorded positive sales for its launches in Dubai Hills Estate, Dubai’s first ‘green city’ with homes set amidst leafy emerald avenues and green corridors, with its elegantly designed neighborhoods set around an 18-hole championship golf course.
Dubai Opera, the iconic centerpiece of The Opera District in Downtown Dubai, will open doors this year, creating a world-class cultural destination in the heart of the city.
Emaar will also open the first property under its new hotel brand Rove Hotels this year, apart from unveiling new hotels under The Address Hotels + Resorts portfolio.
With 196 million sq m of land bank in the UAE and international markets, Emaar has assets valued at over AED 154.51 billion (US$ 42 billion).