Dubai: Dubai Investments is the latest to offer interim dividends, approving Dh318.90 million for the first-half of 2022. This works out to 7.5 fils a share.
The company, which operates industrial parks and is also building a resort in Ras Al Khaimah, has won shareholder approval for the interim dividend payout, which comes after posting a solid set of H1-2022 financials.
"This interim dividend was the result of the Group’s divestment of 50 per cent equity interest in Emirates District Cooling (Emicool) llc with the resultant gain of nearly Dh1 billion to be recognised in Q30-2022," Dubai Investments said. (The 50 per cent was sold to Actis, an investment firm specialising in energy and real estate, in April.)
“Interim dividends represents a win-win opportunity for UAE’s listed companies, at least for the big and liquid ones,” said a market analyst. “So far this year, the big names have reported solid growth on revenue and profit. Ensuring half-year payouts will mean the stock also gets to see more action.”
In Abu Dhabi too, this trend is noticeable. And shareholders will next month get these allocations credited into the bank accounts. Dubai’s three back to back IPOs – DEWA, Tecom and Salik – are also committed to half-yearly payments.
For Dubai Investments, whose stock will open today at Dh2.54, the latest decision is about signing up for a trend that shareholders cutting across companies are giving their support to. (DI's 52-week high is Dh2.64)