By: Mahmoud Gamal
Dubai – Mubasher: Emaar Development’s stock rose during Sunday’s early trades on the Dubai Financial Market (DFM), registering its first rise after three sessions of declines. The gains follow news of an interim dividend distribution proposed by the company’s board.
By 11:15 am, Emaar Development’s stock gained 1.34% to AED 5.29 after 1.96 million shares were traded through 69 transactions, generating a turnover of AED 10.39 million.
The stock’s performance came in contrast to the rest of the real estate sector’s, whose stocks were mostly in the red. The sector fell 0.57%.
Emaar Development’s stock rose after the board recommended an interim dividend distribution of AED 0.26 per share as part of the total dividends to be distributed for the financial year 2018.
The final distributions for the year will be announced later in 2018, the firm said.
Emaar Development’s shareholders are set to convene on 17 October to discuss and approve the interim distributions.
The Emaar Properties subsidiary is targeting AED 6.24 billion in total dividend distributions for 2018 to 2020, in near-equal instalments.
Last week, the board proposed the distribution of AED 1.04 billion in cash dividends, or at 26 fils per share, to shareholders for the second quarter of 2018.
In the first six months of the year, Emaar Development’s revenues hiked 119% year-on-year to AED 6.99 billion from AED 3.19 billion.
Translated by: Nada Adel Sobhi
