- DFM Company shareholders approve 2021 Financial Statements
- Ratification of the Board’s recommendation to distribute cash dividend of AED 240 million
Shareholders of the Dubai Financial Market Company (PJSC) approved the Balance Sheet for the financial year ending 31 December 2021, during the Company’s Annual General Meeting held today, Tuesday 22 March 2022, and headed by His Excellency, Helal Al Marri, Chairman of the Company. The shareholders also ratified the Board of Director’s report on the Company’s performance and its financial position for the fiscal year ending 31 December 2021, the external auditor’s report as well as the Fatwa and Sharia’a Supervisory Board’s report.
During the electronically-held AGM, the shareholders endorsed the Board’s recommendation to distribute a 3% cash dividend equivalent to AED 240 million.
The shareholders also discharged members of the Board of Directors and the External Auditors from their liabilities for the fiscal year ending 31 December 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% 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 authorized the Board of Directors to implement this resolution.
The shareholders approved the appointment of the Fatwa and Shari’a 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 AED 8.96 per 1000 shares. The Shari’a Board urged shareholders, who purchased the shares for holding purposes, to distribute this Zakat as per their shareholdings. The Shari’a Board also calculated the Non Shari’a-compliant income from the Company’s operations as well as its subsidiaries during the years 2020 and 2021, at a total of AED 47.7 million, equivalent to AED 5.97 per 1000 shares.
It is noteworthy that the Dubai Financial Market Company (PJSC) posted a consolidated net profit of AED 99.1 million for the year ended 31 December 2021 compared to AED 142.6 million in 2020. Total revenues reached to AED 298.1 million compared to AED 351.8 million.
News Source: Dubai Media Office