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Dubai: The Board of Directors of Dubai Financial Market Company (DFM) has proposed a cash dividend of 10 per cent of the nominal value of shares, which is equivalent to Dh800 million.
This announcement follows a meeting of the DFM board of directors, which was held yesterday and is subject to ratification at the company's annual general meeting to be held next month.
Financial results
This proposal follows DFM's announcement of its audited financial results for the year ending last December 31.
The company recordeda net profit of Dh1.440 billion for 2007, compared to Dh797 million for 2006, an annual increase of 80 per cent.
Due to the increase in DFM's profits, the earnings per share of the company reached Dh0.18 for 2007.
The board of directors approved the agenda for the coming annual general meeting.
The meeting will be held on March 20 after an approval from the Emirates Securities and Commodities Authority (ESCA).
Compatible with Sharia
"DFM signalled another year of excellence and success in 2007 after the listing of the company in the market on March 7, 2007, as the first financial market fully compatible with the Sharia," said the chairman of Dubai Financial Market Eisa Kazem.
"The market witnessed the listing of 16 companies in 2007 as a direct result of the market's high levels of liquidity," the DFM chairman added.
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