16.5 billion dirhams, distributions of 5 Emirati companies to shareholders

The proposed cash dividends for 27 Emirati companies listed on the market amounted to 20.15 billion dirhams for the year 2019.

It distributed 15.98 billion to 17 companies in the Abu Dhabi market, and 4.16 billion to 10 companies in Dubai.

According to Al Bayan newspaper, 5 local companies and banks proposed distributing 16.54 billion dirhams to shareholders, which is Abu Dhabi first in the lead with 8.08 billion dirhams, then Abu Dhabi Commercial 2.64 billion, ADNOC Distribution 2.38 billion, Dubai Islamic 2.3 billion, and Aldar Properties 1.14 billion.

Al-Mashriq proposed to distribute 710 million dirhams, National Ras Al-Khaimah 503 million dirhams, Air Arabia 420 million dirhams, and cooling 285 million dirhams. The distributions of Umm Al Quwain Bank reached 203 million dirhams, the Dubai Financial Market 200 million dirhams, and Fujairah Bank 185 million, the bank also proposed the distribution of bonus shares of 3.5%, Abu Dhabi National Insurance ADNEC 30 fils, and Sharjah Islamic 147 million dirhams or 5 fils, as the bank proposed the distribution of 5% bonus shares, one for every 20 shares.

The general assemblies will consider approving these distributions during the current month and next. On the other hand, the survey showed that the net profit of 17 listed national banks increased to 45.7 billion dirhams in 2019, an increase of 12.1%, compared to 40.77 billion in 2018, which confirms the strength of the domestic banking sector despite the challenges facing the global economy.

The assets of these banks increased 18.8% to jump from 2.34 trillion in 2018 to 2.78 trillion dirhams in 2019.

The banks announced their results except for the investment bank, and the banks in Dubai accounted for 50.8% of the profits, compared to 49.2% for the banks listed in Abu Dhabi. Emirates NBD recorded the largest profitability of 14.5 billion dirhams, first Abu Dhabi 12.5 billion, Dubai Islamic 5.1 billion, Abu Dhabi Commercial 4.79 billion, Abu Dhabi Islamic 2.6 billion, Levant 2.13 billion, Dubai Commercial 1.4 billion, and United Arab Emirates alone came with losses of 470.7 million dirhams.