Finance House approves 25pc cash dividends
Abu Dhabi, March 15, 2014
Abu Dhabi-based Finance House has approved the payout of 25 per cent cash dividends for the year ended December 31, 2013 to its shareholders.
The decision was announced at the company's Annual General Meeting, said the UAE firm in its statement.
Finance House netted a total comprehensive income of Dh117.6 million, a whopping 52.3 per cent increase over Dh77.2 million registered in the previous year. Its total assets grew by 10.6 per cent to reach Dh4.12 billion as at December 31, 2013, compared to Dh3.72 billion the previous year.
The customer deposits too grew by a robust 20.8 per cent to reach Dh2.18 billion as at 31 December 2013 compared to Dh1.8 billion last year.
This is an all-time high and bears testimony to the continued confidence that the market places in Finance House, said a top official.
“We are proud to maintain our profitable stance for the ninth successive year since inception. In less than a decade, we have experienced a complete boom-bust cycle and it is gratifying to note that our resilient business model has delivered profitable growth not only during periods of rapid economic growth but also during periods of relative economic stagnation or contraction,” remarked its chairman Mohammed Abdulla Alqubaisi.
"We enter 2014 with a strong capital base, robust & proven business model, clearly defined implementation strategies, diversified portfolio of assets, remarkably stable sources of funding and in pursuit of interesting opportunities thrown up by a rapidly evolving market," he noted.
"In the final analysis, our unwavering focus is on enhancing the strength of Finance House Group and in creating sustained long term value for our shareholders," he added.-TradeArabia News Service