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Ahmed Al Hashemi will perform at the upcoming Dubai Metro Music Festival starting on Saturday
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Arig reports highest-ever net profits of $48.2m
MANAMA — Arab Insurance Group (Arig) yesterday announced the highest ever net profit of $48.2 million in 2005, an 82 per cent increase from $26.5 million in the previous year. The profit for 2005 represents 19.5 per cent return on average shareholders’ equity.
At the board meeting yesterday, the directors approved the 2005 financial statements and recommended distribution of dividends to shareholders for 2005. A cash dividend of 5 per cent of paid up capital and bonus share of 1 for every 10 shares held will be proposed for approval of the shareholders at the company’s annual general meeting to be held on 29 March 2006. In 2005, Arig successfully completed the last of its planned divestments from the controlling positions in direct insurance subsidiaries through sale of CNIA Assurance.
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