Abu Dhabi, UAE — Abu Dhabi National Insurance Company (ADNIC) has approved the distribution of 45 percent cash dividends (AED 0.45 per share), or AED256.5 million ($69.83 million) for 2023.
Following the company’s annual general meeting, Sheikh Mohamed bin Saif Al Nahyan, Chairman of ADNIC, said the company achieved one of the highest profits in its history, totaling AED401.2 million ($109.1 million).
“Looking ahead, we will continue to explore new markets and fortify our position as a key player in the GCC region,” he said.
Charalampos Mylonas, CEO of ADNIC, said, “ADNIC continues to solidify its market leading position by strategically leveraging its core strengths. This is demonstrated by our record net profit performance for the year and is further evidenced by our distribution of cash dividends.”
ADNIC earlier posted a 12.18 increase in net profit to AED401.20 million in 2023 from AED 357.60 million in 2022..
Earnings per share (EPS) climbed year-on-year (YoY) to AED 0.70 in 2023 from AED 0.63. During the 12-month period that ended on 31 December 2023, ADNIC’s total insurance revenue hit AED 4.64 billion, down from AED 4.66 billion a year earlier.
