Shareholders of Palm Hills Developments, Egypt's second-biggest listed developer, approved a dividend of one new share for every 10 held, the firm said in a statement on Thursday.

Palm Hills, which had a record year for sales in 2010, is mired in a lawsuit over land it bought from the state, and its Chairman and Chief Executive Yasseen Mansour is facing criminal charges of wasting public money under the ousted government of Hosni Mubarak.

The company's net profit fell 2.1 per cent to 181 million Egyptian pounds ($30.31 million) year-on-year in the fourth quarter.