The Board of Directors of Dubai Financial Market Company (DFM Company) has proposed a cash dividend of 10 per cent of the nominal value of shares, which equivalent to AED 800 million.
This announcement follows a meeting of the DFM Company Board of Directors, which was held today (Saturday, February 16, 2008), and is subject to ratification at the company’s Annual General Meeting to be held next month .
This proposal follows DFM Company’s announcement of its audited financial results for the year ending December 31, 2007. DFM Company recorded a net profit of AED 1.440 billion for 2007, compared to AED 797 million for 2006, an increase of 80 per cent. Due to the increase in the company’s profits, the earnings per share of DFM Company reached AED 0.18 for 2007.
The Board of Directors approved the Annual General Meeting agenda. The meeting will be held on Thursday, March 20, 2008, after the Emirates Securities and Commodities Authority (ESCA) approval.
Essa Kazem, Chairman of the Dubai Financial Market, said: "We are pleased to announce this proposal to all our shareholders. DFM signalled another year of excellence and success in 2007 after the listing of DFM Company in the market on March 7, 2007, as the first financial market fully compatible with Islamic Sharia. The market witnessed the listing of 16 companies in 2007 as a direct result of the market’s high levels of liquidity.”
He added: “Finally, we would like to thank His Highness, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai, and the Dubai Government for their continues support to Dubai Financial Market, to consolidate Dubai as the most important financial regional hub, and achieve the Dubai strategy 2015 to elevate the role of the financial sector to be one of the most important future development objectives. This support is reflected in the successes of DFM and in its leading position among the financial markets in the world. We would also like to thank all our shareholders for their confidence in DFM Board of Directors.”
About Dubai Financial Market
Dubai Financial Market was established as a public institution having its own independent corporate body. DFM is operating as a secondary market for trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the Local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the Market. The Market commenced operations on 26th March 2000.
