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Dubai Investments, a leading diversified investment company listed on the Dubai Financial Market (DFM), has declared a cash dividend of 12.5% to shareholders for the financial year ending 31 December 2022.
Shareholders approved a proposal related to this at the company’s 27th Annual General Meeting (AGM) yesterday (April 26).
At the AGM, shareholders also accepted a proposal to expand the size of the board, thereby increasing its total membership from seven to nine.
The elected board members include Abdulrahman Ghanem Abdulrahman Almutaiwee, Khalid Bin Kalban, Ali Fardan Ali Alfardan, Khaled Mohammad Ali Alkamda, Hussain Nasser Ahmed Lootah and Mohammed Saif Darwish Ahmed Alketbi, Faisal Abdulaziz Al shaikhmohamed Alkhazraji, Ahmed Salem Abdulla Salem Alhosani and Hind Abdulrahman Qassim Mohammad Alari.
The group reported profit attributable to shareholders of the company of AED 1.6 billion (US$ 436 million) for the 12-month period ending Dec. 31, 2022, compared with AED 619.49 million (US$ 169 million) in the previous year.
It said the surge in net profit amounted to AED 980.42 million due to gain on disposal of controlling interest and fair value gain on retained investment in UAE district cooling.
Chairman Abdulrahman Ghanem Abdulrahman Al Mutaiwee told the AGM that the group is cautiously optimistic towards 2023 and is ready to capitalize on opportunities presented by current market conditions and strive to expand its presence locally, regionally and in selected African countries.
He also confirmed that the group will continue to strengthen its business portfolio, unlocking substantial value through an organized divestment and investment process, aimed at sustaining growth while building resilience for the long-term future. -TradeArabia News Service
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