Dubai: Dunia Group posted a net profit of Dh73.1 million in 2016 even as the company recommended a dividend of Dh56 million.
The Abu Dhabi-based finance company did not provide the year ago figure for net profit.
The total net profit included Dh71.3 million made from Dunia Finance and the remaining Dh1.8 million came from Dunia Services FZ, the company said in a statement on Sunday.
The company’s total operating income rose 7.3 per cent to be at Dh879.2 million in 2016, it added. Dunia Group announced an aggregate dividend of Dh56 million for 2016, maintaining a six-year track record of dividend distribution.
Robust shape
“We head into the new financial year with our business in robust shape and a strong portfolio of products and services,” Salem Rashid Al Noaimi, chairman of Dunia, said in a statement.
Total customer assets were prudently maintained in line with dunia’s risk management strategy at the prior year level of Dh1.96 billion. Dunia said it witnessed a growth in cash and deposits of 54 per cent over the prior year to Dh202.5 million, reflecting the company’s prudent liquidity management.
“The macroeconomic environment experienced in 2016 led to us taking a number of timely strategic actions to realign business priorities that have helped to ensure continued predictable and profitable returns on a sustained basis,” said Rajeev Kakar, Managing Director and chief executive officer.
“We continued to invest, attracting new customers while also deepening existing customer relationships by leveraging big data analytics which provides a better understanding of our customers’ needs. This enabled us to specifically tailor products to a loyal and growing customer base,” Kakar added.
