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Monday, 27 April 2015

Aafaq Islamic Finance approves cash dividend of 30%

Aafaq Islamic Finance said on Sunday it has approved a cash dividend of 30 per cent during even as its net profit grew 101 per cent in 2014.
Aafaq registered an unprecedented net profit increase of 101 per cent to reach Dh85.25 million last year from Dh42.43 million in 2013, it said in a statement.
The company’s 2014 revenues also climbed by 75 per cent to Dh103.765 million compared with 2013’s Dh59.302 million.
During the same period, aafaq’s liquid assets jumped by 55 per cent to reach Dh1.325 billion from Dh857 million, while total assets increased by an average of 37 per cent to Dh2.191 billion from 2013’s Dh1.594 billion. Additionally, property rights surged by 18 per cent to reach Dh325 million from Dh275 million in 2013.
The company’s total assets and revenues has been rising over the past few years but 2014 was one of the best years by all accounts.
The company’s total assets and revenues achieved growth rates of 37 per cent and 75 per cent, respectively, last year compared with 23 per cent and 72 per cent recorded between 2010 and 2013. Effective resource investments in high-yielding assets led to these positive results.
(Gulf News Market / 26 April 2015)
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