Emaar Properties, has approved the distribution of USD 272 mn as dividend to its shareholders, representing 14% of the share capital at the company’s 22nd Annual General Meeting (AGM) in Dubai, UAE, Trade Arabia reports.

The dividend is part of Emaar’s exceptional cash dividend of USD 1.089 bn, compared to USD 816.8 mn dividend approved at Emaar’s 21st General Meeting last January.

The increase in cash dividend results from the public offering of shares of Emaar Development.

“We are highlighting our commitment to creating outstanding value for our shareholders. We thank them for their trust, which inspires us to focus on our future growth initiatives,” Mohamed Alabbar, the company’s chairman, said.

 The company’s nine-member board was elected at the meeting, and it appointed Ernst & Young as the auditor for 2018. The company also approved the board’s activities and financial position report.

“Our focus is to sustain the momentum through our developments in property, retail and hospitality as well as our international operations. At the current pace, Emaar will grow more than double in the next five years,” Alabbar said.

In 2017, Emaar Properties recorded a net operating profit of USD 1.553 bn and a total revenue of USD 5.122 bn.