Dubai: Emaar Properties said on Wednesday it plans to give a cash dividend of 15 per cent or Dh1.07 billion for 2018, which was lower than market expectations. Other companies such as Etisalat and Abu Dhabi National Insurance Company (Adnic) also announced their dividend for 2018.
Emaar Properties gave a dividend almost equal to that last year. Other Emaar companies such as Emaar Malls and Emaar Development also announced their dividends.
“The dividend announcements from Emaar Group of Companies are in line with our expectations. Market chatter is retail investors were hoping for higher and to that extend may stand disappointed a little,” Vrajesh Bhandari, senior portfolio manager at Al Mal Capital said,
“The parent company has a large announced capex [capital expenditure] plan worth Dh25 billion and also they would not want to pay anything higher that is not sustainable over the next few years,” Bhandari added.
Emaar Malls announced a cash dividend of 10 per cent or Dh1.3 billion. Emaar Development also announced a cash dividend of 26 per cent or Dh1.04 billion. Emaar companies will hold its annual general meeting on April 23.
Etisalat announced a dividend of 80 fils per share, representing a dividend yield of 4.7 per cent. The company approved a proposal of lifting restrictions on foreign shareholders voting rights. Adnic approved a dividend of 30 per cent cash dividend.