The meeting was headed by Chairman Helal Al Marri. Image Credit: Supplied

Dubai: Shareholders of the Dubai Financial Market Company (PJSC) approved the balance sheet for the financial year ended December 31, 2022, during the company’s annual general meeting on Tuesday.

The shareholders also ratified the Board of Directors’ report on the company’s performance and its financial position for the fiscal year ended December 31.

They also ratified the Board’s recommendation on the distribution of a cash dividend of Dh134.7 million, equivalent to 1.68 per cent of the capital. The shareholders also approved the Board’s recommendation to adopt a new fixed dividend policy for the company, stipulating that the company annually distributes a minimum of 50 per cent of its distributable net profit as opposed to the current practice of cash dividend every two years.

The shareholders also elected the new Board of Directors for a three-year term.

Dubai Financial Market Company registered an increase of 41.7 per cent in net profit for the fiscal year ending December 31, 2022, to Dh147.1 million compared to Dh103.8 million in 2021. Total revenue increased 19 per cent to Dh351.2 million compared to previous year’s Dh294.6 million.