The meeting will be held in the presence of the company's Board of Directors and senior executives of EMAAR and its subsidiaries - Dubai Bank, Amlak Finance, Sahm Technologies and EMRILL.
Items to be covered on the AGM agenda include the approval of shareholders of the annual accounts of the company for the year ended December 31, 2003; to declare dividends and transfers to reserve and to appoint auditors for the year 2004.
EMAAR's AGM follows the company's announcement of its financial results for 2003 when it announced record annual profits of AED 676.3 million, compared to AED 517 million during 2002.
Property revenues increased by AED 2,386.9 million or 179 percent to AED 3,721.4 million for the year ended 31 December 2003, as compared to AED 1,334.5 million for the year ended 31 December 2002.
This corresponds to a net profit increase of AED 159.3 million or 31 percent. The significant increase in revenue is due to the good sales response from the various existing and new projects launched during 2003, including Dubai Marina, Emirates Hills, The Springs, The Meadows, Hattan, Arabian Ranches, The Greens at Emirates Golf Club and EMAAR Towers.
Significantly, the Earnings Per Share increased by AED 0.68 per share or 33 percent, from AED 2.03 per share for the year 2002, to AED 2.71 per share for the year ended 31 December 2003.
The Company, which comprises more than 41,000 shareholders, a majority of whom are UAE Nationals, has contributed significantly in invigorating the real estate sector and opening new ways of energising and diversifying the economy of Dubai.
EMAAR to hold AGM
EMAAR Properties PJSC will hold its sixth Annual General Meeting on March 1 2004, at the Al Multaqa Ballroom, Dubai World Trade Centre, at 5pm.
- United Arab Emirates: Sunday, February 29 - 2004 at 15:53
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About EMAAR Properties PJSCEMAAR Properties is a Public Joint Stock Company listed on the Dubai Financial Market. With an asset base of US$7.7 billion including the land bank, the Company's vision is 'Shaping the Future. Today' by focusing on innovation, meticulous planning and the continuous pursuit of excellence. The Company has witnessed tremendous growth since its inception in 1997 and boasts a rapidly growing tenant base.
Currently, it has 13 major real estate projects under various stages of development. These developments include Dubai Marina, Dubai Marina Villas, Arabian Ranch Gazelle, Emirates Hills, The Views, The Meadows, The Springs, The Lakes, Hattan Homes, The Greens, EMAAR Towers and Burj Dubai Residences. The company also owns and manages the Gold and Diamond Park and will be launching plans for its most ambitious project to date, the Burj Dubai - the tallest skyscraper in the world.
While EMAAR continues to actively pursue expansion in its core business of innovative, high quality real estate development, it has diversified into related business lines to further build value for its 41,000 shareholders. In line with this corporate belief, EMAAR also owns and manages four subsidiaries - Dubai Bank, focused on retail and commercial banking, Amlak Finance, the UAE's first and only mortgage finance company, EMRILL, a joint venture with the UK-based Carillion plc which provides innovative property and facilities management services, and it's technology and communications company, Sahm Technologies.
For further information, please contact:
David D'Souza/ Sameh Hamtini
ASDA'A Public Relations
Burson-Marsteller exclusive Middle East affiliate
Dubai, UAE
Tel: +971-4-3355969,
Fax: +971-4-3356080
Malika Bseiso
EMAAR Properties
Tel: +971-4-367-3566
Fax: +971-4-367-3705
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, February 29 - 2004 at 15:53 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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