The share of Emaar Development Company, listed on the Dubai Financial Market, jumped during the beginning of trading today, Monday, after the company announced its intention to distribute dividends to shareholders by about 52 fils per share for last year.
And by 10:29 pm Emirates time, Emaar Development shares rose during trading by 14.7 percent, to a price of 5.53 dirhams, with a trading volume of about 8.6 million shares, with a value of more than 47 million dirhams.
It is noteworthy that Emaar Development announced, last Friday, the discussion of a proposal to distribute cash dividends to shareholders, at a rate of 52% of the company’s capital, on March 3, 2023.
The company intends to distribute a dividend of 52 UAE fils per share, and the company will submit this proposal to the Board of Directors meeting on March 16, 2023.
The profits of Emaar Development Company, which develops real estate and manages real estate projects in the UAE, rose to 3.8 billion dirhams by the end of 2022, compared to profits of 3.244 billion dirhams achieved during the same period in 2021.
The reason for the increase in profits during the current period is due to the decline in revenue costs by 36%, to reach 6.36 billion dirhams, compared to 9.87 billion dirhams during the year 2021.
