DNIR Announces 20% Cash Dividend for 2013 at AGM

27/03/2014 19:20 AST

Dubai National Insurance & Reinsurance PSC ( DNIR ) announced a healthy full year report card for 2013 at its Annual General Meeting on Wednesday, March 26, 2014 and the shareholders approved a cash dividend of 20 per cent. DNIR has consistently paid cash dividends to shareholders since inception.

Khalaf Ahmad Al Habtoor, Chairman of the Board of DNIR , who presided over the meeting, said: " DNIR is one of the pioneers in the insurance industry here and it continues to deliver positive results. We are very pleased to be able to share our success in 2013 with our shareholders."

He went on to say that DNIR has rewarded shareholders with dividend and bonus shares, ranging from 15 to 75 per cent over the past 10 years. (See chart below - Dividend & Bonus Share)

In addition the AGM of DNIR - a public shareholding company - approved the full year results for 2013. DNIR said earnings per share for 2013 equated to AED 0.26. "This is a very good return on equity," Al Habtoor added. Net profit increased to AED 30.207 million in 2013 compared to AED 29.113 million in 2012.

DNIR said it is confident of capitalising on the new business growth opportunities in 2014 by offering new insurance products in tune with the market requirements, continued emphasis on improving the quality of underwriting risk management and further enhancing relations with its business partners.

Al Habtoor added, " DNIR shares are one of the most attractive investments the market considering the annual return on investment. If an investor purchases shares at today's price of AED 2.65, the share would give a 7.5 per cent yield at 20 per cent cash dividend."

Al Habtoor concluded, "The initial shareholder who had purchased 100 shares in DNIR will now be holding 289 shares and will be enjoying a 20% dividend on the 289 shares, if he still holds the shares".

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