Shareholders of Islamic Arab Insurance Company (Salama) approved an increase in the company’s foreign ownership limit to 49 percent, from 25 percent previously.
Shareholders of the DFM-listed company also approved the board of directors’ recommendation to distribute cash dividends of 3 fils per share for the year 2019. It is the first cash dividend since Salama’s IPO.
Salama posted a net profit attributable to shareholders of 54.7 million UAE dirhams ($14.9 million) in 2019, compared to 2 million UAE dirhams in 2018.
The company’s revenue also increased to 1.13 billion UAE dirhams last year, compared to 1.06 billion UAE dirhams in 2018.
(Writing by Gerard Aoun; editing by Seban Scaria)
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