We intend to pay dividends twice each fiscal year, with an initial payment in October of that year and a second payment in April of the following year.
We expect to pay:
- a dividend in respect of the year ending December 31, 2019 in an amount of AED 0.1910 per share, half of which is expected to be paid in October 2019 and half of which is expected to be paid in April 2020; and
- a dividend in respect of the year ending December 31, 2020 in an amount of AED 0.2057 per share, half of which is expected to be paid in October 2020 and half of which is expected to be paid in April 2021.
Thereafter, we expect to pay an annual dividend in respect of each fiscal year in an aggregate amount equal to at least 75% of our distributable income (net income less legal reserves) for such year.
The payment of dividends is subject to consideration by the Board of Directors of (i) the cash management requirements of the Company for operating expenses, interest expense, and anticipated capital expenditures, and (ii) market conditions, the then current operating environment in our markets, and the Board of Directors’ outlook for the business of the Company. In addition, any level or payment of dividends will depend on, among other things, future profits and the business plan of the Company, at the discretion of the Board of Directors.