Finance House approves 
12% dividend

ABU DHABI - The shareholders of Finance House approved the payment of a cash dividend of 12 per cent, for the year ended December 31, 2012.

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Published: Tue 19 Mar 2013, 11:26 PM

Last updated: Sat 4 Apr 2015, 9:43 AM

Approval was given at the Annual General Meeting held in Abu Dhabi, which also approved financial statement of the financial company.

“Political and economic instability continued to haunt the Mena region in 2012, shaking investor confidence and dampening business sentiments,” said Mohammed Alqubaisi, Chairman of Finance House.

“The UAE, which remains our key focus market, has been the oasis of relative stability on the political and economic fronts even during the turbulent period, and this stability in the economy can be attributed to its prudent leadership.”

Alqubaisi hoped that the situation will change for the better during the present year, restoring the faith of investors completely and bringing robust growth in all sectors.

“As a responsible national organisation, we are keeping a close watch on all unfolding situations in the MENA region, but at present our business strategies or near-term growth objectives will remain the same as we are confident of its efficacy in the midst of ongoing changes in the regional and global landscape,” Alqubaisi added.

“We have moved another step forward in the path to success as we celebrate eight years of conquering diverse challenges and overcoming tough market conditions. We march towards 2013 with confidence, he said, adding: “Finance House is again looking to scale new heights of success in 2013 as the company has been adjudged Best Business Finance Company in the Middle East, and has retained the Best Retail Finance Company in the Middle East award for the second consecutive year at the Banker Middle East Industry Awards 2012.”

Alqubaisi said: “Our strong capital base, clear business strategies, well diversified asset book, combined with our capability to exploit various opportunities to our advantage, will take us to new heights of achievement in 2013.”

For the year ended 31 December 2012 Finance House earned a net profit of Dh72.2 million, up 20.4 per cent from Dh60 million achieved in the previous year.

Finance House reported six per cent year-on-year growth in assets to Dh3.72 billion as at 31 December 2012, compared to Dh3.51 billion registered in the same period a year ago.

Customer deposits grew by a robust 16.5 per cent to Dh1.80 billion in the year 2012 compared to Dh1.55 billion, in the same period a year earlier, results that demonstrate the continued credibility, reputation and trust enjoyed by Finance House in the market.

–haseeb@khaleejtimes.com



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