The Board of Directors of Waha Capital PJSC (ADX: WAHA), a leading Abu Dhabi investment company, has recommended distribution of a dividend to shareholders of 10 fils per share for the 2013 financial year, equivalent of 10 per cent of its paid-up capital, and reflecting an increase of 67 percent from the dividend distributed last year.
H.E Hussain Jasim Al Nowais, Chairman of Waha Capital, said: "The proposed dividend rate marks a significant increase from the dividend distributed to our shareholders in the previous year. We believe that the rate is very appropriate, especially in light of the investments and expansions we will seek to make during this year, which in turn will reflect positively on the equity and profitability of the company."
The recommendation, which is subject to shareholder approval at the company's annual general meeting, was made at a Board meeting held yesterday that also approved the company's audited financial statements and corporate governance report for 2013.
The AGM, which will be held on 20 March at 2 pm, will consider and vote on the company's financial statements, proposed dividend, and confirmation of Board remuneration packages, as well as the appointment of the company's auditors. The full AGM agenda will be released as soon as it is approved by the Securities and Commodities Authority (SCA).
Waha Capital reported a net profit of AED 306.4 million for the 2013 financial year, an increase of 43 per cent from the previous year. Waha Capital's total assets increased 18 per cent as at 31 December 2013, to reach AED 5.24 billion, compared to AED 4.44 billion a year earlier.
Waha Capital's results translate into earnings per share of AED 0.16 in 2013, compared to AED 0.11 a year earlier, with return on equity rising to 12.6 percent from 9.4 per cent.