The board of directors of Dubai Financial Market Company has proposed a cash dividend of 10 per cent of the nominal value of shares, equal to Dh800 million. The recommendation was announced yesterday after a meeting of the board and is subject to ratification at the company’s annual meeting next month.
This proposal follows the company’s announcement of its audited financial results for the year ending December 31, 2007. It recorded a net profit of Dh1.44 billion in 2007 compared with Dh797m in 2006 – an increase of 80 per cent. Due to the rise in the company’s profit the earnings per share of DFM Company reached 18 fils.
“We are pleased to announce this proposal to all our shareholders,” said Chairman Essa Kazim. “DFM signalled another year of excellence and success in 2007 after the listing of DFM on the market on March 7, 2007, as the first financial market fully compatible with Islamic Shariah. The market witnessed the listing of 16 companies in 2007 as a direct result of the high levels of liquidity.
“We would like to thank His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and the Dubai Government for their continued support to DFM.”
DFM to pay 10% cash dividend