Dubai – Mubasher: Damac Properties intends to distribute cash dividends of more than AED 1.5 billion for 2016, stated Al Bayan Newspaper.
“Damac management decided two years earlier to distribute dividends of 25% (25 Emirati fils per share) for 2015 and 2016, said Hussain Ali Habib Sajwani, Damac Chairman, according to Al Bayan.
The company distributed 2015’s dividends over two installments, but it intends to disburse 2016’s dividends as a lump sum, added Chairman.
Damac reported net profits of AED 2.84 billion for the first nine months of 2016, down by 22.6% from AED 3.67 billion a year earlier.
