Emirates: The UAE-based retailer Lulu Retail’s Annual General Meeting (AGM) approved a Dh309.8 million dividend for the second half of 2024.

The last entitlement date is May 1, 2025, and the payment date is May 23, 2025, it said.

This was the first AGM of the company since it went public on the Abu Dhabi Securities Exchange in November 2024.

Yusuff Ali MA, chairman of Lulu Retail, said this “marks not just our first AGM, but a defining moment that reflects the strength of our foundations, the clarity of our vision, and the unity of our purpose.”

“We remain focused on strengthening our market position and look forward to the journey ahead with purpose and a shared vision for sustained growth,” said Saifee Rupawala, CEO of Lulu Retail.

Lulu Retail’s revenue reached $7.6 billion, reflecting a 4.7 per cent year-on-year increase, during its 2024 financial performance. Net profit stood at $216.2 million, representing a 12.6 per cent increase.

Founded in 1974, Lulu Retail is the largest pan-GCC full-line retailer by selling space, sales and number of stores, operating more than 250 hypermarket, express and mini-market stores across the six GCC countries.