The Board of Directors of Dubai Financial Market Company (DFM Company) has proposed a cash dividend of 10 per cent of the nominal value of shares, which is equivalent to Dh800 million ( $217 million).

This announcement follows a meeting of the DFM company board of directors, which was held on Saturday, and is subject to ratification at the company’s annual general meeting to be held next month .

This proposal follows DFM Company’s announcement of its audited financial results for the year ending December 31, 2007. DFM Company recorded a net profit of Dh1.440 billion for 2007, compared to Dh797 million for 2006, an increase of 80 per cent.

Due to the increase in the company’s profits, the earnings per share of DFM company reached Dh0.18 for 2007.

The board of directors approved the annual general meeting agenda. The meeting will be held on Thursday, March 20, 2008, after the Emirates Securities and Commodities Authority (ESCA) approval.

Essa Kazem, chairman of the Dubai Financial Market, said: 'We are pleased to announce this proposal to all our shareholders. DFM signalled another year of excellence and success in 2007 after the listing of DFM Company in the market on March 7, 2007, as the first financial market fully compatible with Islamic Sharia. The market witnessed the listing of 16 companies in 2007 as a direct result of the market’s high levels of liquidity.”-TradeArabia News Service