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UAE-based Alliance Insurance is set to distribute 30% cash dividends, according to a disclosure on Tuesday.
The payout is equivalent to AED30 ($8.16) per share and AED 30 million in total, the company told the Dubai Financial Market (DFM).
In its meeting in February, the company’s board decided to secure an approval from the UAE Central Bank to distribute the payout for the financial year ended December 31, 2023. The banking authority subsequently issued the approval on March 15.
The insurer opted for the dividend distribution despite a fall in earnings last year.
Its net profit for the year stood at nearly AED54 million, down from the previous year’s AED62.9 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
