The board of directors of Dubai-listed Shuaa Capital have recommended that no dividend be paid for full-year 2021, according to a bourse filing on Tuesday.

Shuaa’s FY 2021 net profit declined 81 percent to 24 million dirhams ($6.53 million), while EBITDA fell to 218 million dirhams from 349 million dirhams in 2020.

The drop in net profit was due to the “decision to accelerate the restructuring of a legacy, illiquid investment portfolio”, the bank said in its consolidated financial statement.

In 2020, Shuaa paid a total dividend of 76 million dirhams at 3 fils per share.

(Reporting by Brinda Darasha; editing by Daniel Luiz)