Dubai's Shuaa to pay $20.6mln cash dividends after profits more than doubled | ZAWYA MENA Edition
Asset management and investment banking firm Shuaa Capital is set to distribute more than 76 million dirhams ($20.6 million) in cash dividends for the year ending December 31, 2020.
The payout was approved during the latest general assembly, the Dubai-listed company said in a bourse filing posted on Sunday.
Pegged at three fils per share, the dividends represent three percent of the company’s share capital.
The announcement comes after the company, which had earlier merged with Abu Dhabi Financial Group, reported more than doubling its profit for the past year.
Net profit went up 166 percent to 125 million dirhams for the full year 2020 compared to 47 million dirhams in 2019.
“We achieved key milestones and landmark transactions, all while delivering a transformational integration programme against a backdrop of a global pandemic. It is therefore particularly pleasing that we have more than doubled profits year-on-year, proving the resilience and potential of our business model,” Jassim Alseddiqi, group CEO of Shuaa Capital, said in February.
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