Dubai, UAE — Dubai Financial Market Company (DFM) approved on Tuesday the cash dividend of AED134.7 million ($34 million), equivalent to 1.68 percent of the capital.
The new fixed dividend policy for the company, stipulates that the company annually pays a minimum of 50 percent of its distributable net profit as opposed to the current practice of cash dividend every two years.
The company approved the appointment of the Fatwa and Sharia’ Supervisory Board members for the year 2023. The Zakat of shares for the year 2022 has been calculated according to the Net Assets Method at AED 9.13 ($2.30) per 1000 shares.
The Sharia’a Board urged shareholders, who purchased the shares for holding purposes, to distribute this Zakat as per their shareholdings, while investors who acquired the shares with the purpose of trading, their Zakat is calculated by multiplying shares market value by the percentage of Zakat for the solar year, which is 2.5775 percent.
The Sharia’a Board also calculated the Non Sharia’a-compliant income from the company’s operations as well as its subsidiaries during the year 2022 at AED 3.1 ($78) per 1000 shares.
The company 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 Abdulla.
The DFM registered an increase of 41.7 percent in net profit for the fiscal year ending on December 31, 2022, to AED 147.1 million ($37 million) compared to AED 103.8 million ($26 million) in 2021. total revenue increased 19 percent to AED 351.2 million ($89 million) compared to previous year’s AED 294.6 million ($74 million).
