DFM Company Shareholders Approve 2019 Financial Statements #Dubai - Dubai City Guide
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DFM Company Shareholders Approve 2019 Financial Statements
(25 March 2020)
Company’s new Board of Directors elected for a three years’ term


 

Shareholders of the Dubai Financial Market Company (PJSC) have approved the Balance Sheet and Income Statement for the financial year ending 31 December 2019, during the Annual General Meeting held on Wednesday 25 March 2020. The shareholders also ratified the Board of Director’s report on the Company’s performance and its financial position for the fiscal year ending 31 December 2019, the external auditor’s report as well as the Fatwa and Sharia’a Supervisory Board’s report.

The DFM Company has enabled shareholders’ e-Voting and remote participation in the AGM via DFM investor eservices’ webpage and smart phone applications.

Board of Directors’ recommendation of AED 200 million cash dividend for the year 2019 equivalent to 2.5% of the Company’s capital has been also ratified.

During the meeting, the shareholders also elected the new Board of Directors for a three years’ term including; His Excellency Essa Abdulfattah Kazim, Rashid Hamad Al Shamsi, Mohammad Humaid Al Marri, Musabbah Mohammad Al Qaizi, Ali Rashid Al Mazroei, Adil Abdullah Al Fahim and Moaza Saeed Al Marri.

The shareholders also discharged members of the Board of Directors and the External Auditors from their liabilities for the fiscal year ending 31 December 2019 and appointed Price Water House as the external auditors for the fiscal year 2020 as well as determined their fees.

Additionally, the shareholders ratified two Special Resolutions. The first Special Resolution is related to approval to conclude transactions with related parties (companies subject to government ownership/participation), provided that, those transactions do not exceed 30% of the Company's capital and are presented to the General Assembly in the future for approval. The second Special Resolution is related to approval to amend a number of articles of the Company’s articles of association such as the inclusion of SMS as one of the tools that can be used to send AGM notifications to shareholders.

During the meeting, the Fatwa and Shari’a Supervisory Board members have been re-appointed for the year 2020.

According to the Fatwa and Shari’a Supervisory Board’s report, the Zakat of shares for the year 2019 has been calculated according to the Net Assets Method at AED 8.4 per 1000 shares. The Shari’a Board urged shareholders to distribute this Zakat as per their shareholdings. The Shari’a Board also calculated the Non-compliance with Shari’a income of the company’s operations for the years 2018 and 2019, including revenues from Nasdaq Dubai and this part was valued at AED 47.3 million, equivalent to AED 5.91 per 1000 shares. The Shari’a Board advised shareholders to allocate these amounts to charity purposes.

It is noteworthy that the Company posted a net profit of AED 120.6 million, compared to AED 125.5 million in 2018, a 4% decline. Total revenues reached to AED 315.8million in 2019 compared to AED 324.7 million in 2018. The total revenue comprised of AED 177 million of operational revenues and AED 138.8 million of investment revenues and others.

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