7.36 PM Saturday, 13 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:39 05:55 12:22 15:50 18:44 20:00
13 April 2024

Finance House announces 50% cash dividends

By Staff Writer

The shareholders of Abu Dhabi-based Finance House have approved a cash dividend of 50 per cent and a stock dividend of 25 per cent at its Annual General Meeting held yesterday.

The company recorded a net profit of Dh112.4 million in 2009.

Chairman Mohammed Alqubaisi said: "For Finance House, 2009 was a year of consolidation in terms of both market positioning and its internal organisation.

"Early in the crisis, we took certain pre-emptive actions in anticipation of a likely deterioration in economic circumstances, and these enabled us to withstand the crisis. Our policy of growth with restraint helped us steer clear of exposures that could have adversely affected our performance in 2009."

He said the company is going into 2010 with a strong capital base.

"Our priority now is the balancing of near-term results with long-term growth, keeping in view the need to balance the rewards against the various risks that such opportunities may entail. In the final analysis, our focus is on enhancing the strength of Finance House and in creating value for shareholders".


Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.