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DFM Company shareholders approve 3% cash dividend for 2021

The AGM also approved the sale of treasury shares amounting to 4,236,831 shares previously allocated to the company at the time of its IPO for employees’ stock option program and authorised the board of directors to implement this resolution

Shareholders of the Dubai Financial Market Company have approved the board’s recommendation to distribute a three per cent cash dividend equivalent to Dh240 million.

During the electronically-held AGM on Tuesday, the shareholders also approved the balance sheet for the financial year ending December 31, 2021. Helal Al Marri, chairman of the DFM Company, chaired the meeting.

The shareholders also ratified the board of director’s report on the company’s performance and its financial position for the fiscal year ending December 31, 2021, the external auditor’s report as well as the Fatwa and Shariah Supervisory board’s report.

The shareholders also discharged members of the board of directors and the external auditors from their liabilities for the fiscal year ending December 31, 2021 and appointed PricewaterhouseCoopers as the external auditors for the fiscal year 2022 and determined their fees.

Moreover, the shareholders approved special resolutions including the ratification of related parties’ transactions during year 2021 and approved to execute transactions with related parties provided that those transactions do not exceed 30 per cent of the company's capital for the year 2022 and are presented for approval during the next AGM.

The AGM also approved the sale of treasury shares amounting to 4,236,831 shares previously allocated to the company at the time of its IPO for employees’ stock option program and authorised the board of directors to implement this resolution.

The shareholders approved the appointment of the Fatwa and Shariah Supervisory Board members for the year 2022. The zakat of shares for the year 2021 has been calculated according to the net assets method at Dh8.96 per 1,000 shares. The Shariah Board urged shareholders, who purchased the shares for holding purposes, to distribute this zakat as per their shareholdings. The Shariah Board also calculated the non Shariah-compliant income from the company’s operations as well as its subsidiaries during the years 2020 and 2021, at a total of Dh47.7 million, equivalent to Dh5.97 per 1,000 shares.

It is noteworthy that the Dubai Financial Market Company posted a consolidated net profit of Dh99.1 million for the year ended December 31, 2021 compared to Dh142.6 million in 2020. Total revenues reached to Dh298.1 million compared to Dh351.8 million.

— muzaffarrizvi@khaleejtimes.com