Dubai: Damac Properties proposed a 10 per cent bonus share issue equivalent to Dh500 million ($136.1 million) but no cash payout for 2014.
This is equivalent to Dh0.10 per share representing 500 million bonus shares on the five billion shares that make up its capital, the company said in a filing to the Dubai Financial Market. This will be taken up at the annual general meeting which will be called late next month.
“As we embark on a new and exciting journey as a listed company in our home city of Dubai, we look to solidify our position and drive growth for our homeowners and shareholders alike,” said Hussain Sajwani, Damac’s chairman in a statement.
“We have a firm belief in Dubai’s fundamentals and see the market maturing and continuing to grow in the coming short to medium term,” he added.
The company made a net profit of Dh3.443 billion in 2014, up 46 per cent on year, while revenues also jumped 64 per cent to Dh7.385 billion. Total assets were at Dh18.8 billion, up 68 per cent on year.
About 3,553 units were completed and delivered during 2014 with cumulative units delivered to date at 12,866 units.
