Mawarid Finance profit rises 20% to Dh70m; AGM approves 5% cash dividend

Dubai-based Shariah-compliant firm Mawaid Finance said its 2015 net profit increased 20.3 per cent to Dh69.8 million as compared to Dh58 million in the previous year on higher revenues and wakala deposits.

The company’s Annual General Meeting also approved five per cent cash dividend to the shareholders.

Omran Al Owais, Chairman of Mawarid Finance, said the company “has been able to cope up with the market changes through implementation of a steady strategy which resulted in outstanding results in 2015.”

The wakala deposit increased by 44.7 per cent from Dh263.3 million at the end of 2014 to Dh381.1 million at the end of 2015.  

Revenues increased 193 per cent from Dh63.1 million to Dh184.8 million. While assets registered an increase of 10.2% from Dh1.446 billion to Dh1.593 billion at the end of 2015.

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