The board of Dubai Refreshment PJSC (DRC) has approved one-time special cash dividends of AED 216 million ($58.8 million) split into two payments in in April and October following the sale of its Sheikh Zayed Road site.

The board approved the two payments of AED 108 million each at its meeting Tuesday, with entitled shareholders to receive the first payment in April subject to Securities and Commodities Authority (SCA) approval.

The second payment will be in October through board of directors’ resolution. 

Shareholders are to receive a further regular annual cash dividend of AED 72 million or 80% of paid-up capital following the company’s AGM in March.

The company, which is the local distributor of Pepsi, announced a profit of AED 361.7 million for 2023, up from AED 105.6 million in 2022.

Revenue for the year was AED 803 million, up from AED 752 million in 2022.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)