DFM Company approves AED134.7 million in cash dividend

DFM Company approves AED134.7 million in cash dividend

DUBAI, 21st March, 2023 (WAM) -- Shareholders of the Dubai Financial Market Company (PJSC) approved the Balance Sheet for the financial year ended on 31 December 2022, during the Company’s Annual General Meeting held today, Tuesday 21 March 2023, and headed by Helal Al Marri, Chairman of the Company. The shareholders also ratified the Board of Director’s report on the Company’s performance and its financial position for the fiscal year ended on 31 December 2022, the external auditor’s report as well as the Fatwa and Sharia’a Supervisory Board’s report.

During the AGM, the shareholders ratified the Board of Directors’ recommendation pertaining to the distribution of a cash dividend of AED134.7 million, equivalent to 1.68% of the capital. The shareholders also approved the Board’s recommendation to adopt a new fixed dividend policy for the Company, stipulating that the Company annually distributes a minimum of 50% of its distributable net profit as opposed to the current practice of cash dividend every two years.

Moreover, the shareholders elected the new Board of Directors for a 3-year term including Helal Saeed Almarri, Wesam Alabbas Lootah, Abdulqader Obaid Ali, Abdulwahid Abdulrahim Alulama, Mohamed Humaid Almarri, Saeed Rashed Al Yateem, Yuvraj Narayan, Moaza Saeed Almarri and Huda Sabil