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UAE insurer Abu Dhabi National Insurance Company (ADNIC) is set to distribute 199.5 million dirhams ($54 million) in cash dividends for 2020 after posting a 30.5 percent full-year net profit.
The payout, approved at the general assembly on Monday, is equivalent to 35 percent of the share nominal value, the company said in a bourse filing to the Abu Dhabi Securities Exchange (ADX).
The company said it had delivered a strong performance, with its full-year 2020 net profits reaching 371 million dirhams compared to 284 million dirhams in the previous year.
Established in 1972, the company offers insurance products for individuals and commercial customers, including small, mid-sized and large companies across the Middle East and North Africa (MENA) region.
The dividends will be distributed within 30 days of the general assembly.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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