The General Assembly of the Dubai Financial Market Company, in its meeting today, Tuesday, headed by Helal Al-Marri, Chairman of the Board of Directors, approved the company’s budget for the fiscal year ending on December 31, 2022.
The shareholders approved each of the Board of Directors’ report on the company’s activities and its financial position for the fiscal year ending on December 31, 2022, the report of the external auditor, and the report of the Fatwa and Sharia Supervisory Board, according to a press release.
During the meeting, it was approved that the Board of Directors recommend distributing cash dividends to shareholders in the amount of 134.7 million dirhams, or 1.68 percent of the capital.
The Board's recommendation to adopt a new fixed dividend policy with a minimum of 50 percent of the annual distributable net profits, instead of the established practice of distributing dividends every two years, was also endorsed.
The meeting also witnessed the election of the company’s new board of directors for a period of three years. Abdullah.
During the meeting, Deloitte & Touche Middle East was appointed as the external auditor for the fiscal year 2023 and their fees were determined, as well as the members of the Board of Directors and the external auditor for the fiscal year ending on December 31, 2022.
The company’s shareholders approved special decisions that include the approval of deals concluded with related parties during the year 2022, in addition to approving the conclusion of deals with related parties for the year 2023, provided that these deals do not exceed 30 percent of the company’s capital, and that they are presented to the next general assembly for approval.
The shareholders approved the appointment of the members of the Fatwa and Sharia Supervision Board for the year 2023, and the zakat on shares for the year 2022 was calculated according to the method of net zakat assets at 9.13 dirhams per thousand shares. Its zakat is calculated by multiplying its market value by the zakat rate for the solar year, which is 2.5775 percent.
The authority also counted the income that does not comply with Islamic law within the operations of the company and its subsidiaries during the year 2022, as it was estimated at 3.1 dirhams per thousand shares.
It should be noted that the consolidated net profit of the Dubai Financial Market Company for the fiscal year ending on December 31 of the year 2022 recorded an increase of 41.7 percent, to reach 147.1 million dirhams, compared to 103.8 million dirhams in 2021, and the total revenues reached 351.2 million dirhams, an increase of 19 percent. Compared to total revenues of 294.6 million dirhams in the previous year.