Stock - DFM
DFM's been seeing some heavy action around a few counters. Amlak saw some of those increases and now Emaar Development is in full flow. Image Credit: Bloomberg

Dubai: The Emaar Development stock shot past 14 per cent in the first 30 minutes of Monday (March 6) as investors responded bullishly to the 52 fils a share dividend announcement late last week. The Dubai developer’s stock racked up Dh55 million from the 10.19 million in shares traded and was at Dh5.53 during this period. It meant a gain of Dh0.7.

Based on the payout plan, the dividend yield works out to 10 per cent, nd easily one of the highest this year on DFM. DEWA too came out with a stellar yield as it rewarded shareholders following a successful IPO, record results and then pay-ins from district cooling subsidiary Empower.

Emaar Development intends to place the dividend plan to shareholders at the March 16 assembly. The developer had opted not to pay any during the Covid years.

Emaar development, which is the entity handling the Dubai side of its operations, notched Dh30.17 billion in property sales during 2022, up 12 per cent. The developer had been consistent with new project launches and was one of the biggest gainers from the return of heavy buyer interest in offplan sales.

The parent company, Emaar Properties, is also doing well at its DFM counter, with the stock gaining 0.88 per cent to Dh5.73 after making its own dividend payout plan - of 25 fils a share.