General Assembly of Dubai National Insurance and
Reinsurance held their Ordinary and Extra Ordinary on
March 9, 2005 under the chairman ship of Mr. Khalaf Al
Habtoor and attendance of Board of Directors, H.H.
Sheikh Humaid Bin Ahmed Al Maolla, Sultan Al Habtoor,
and Mr. Mohammed Al Habtoor and Faisal Jassem Al Dossari.
The General Assembly has decided to raise the Capital of
AED 100 Million by declairing 51.51% dividend to share
holders. DNIRís new profit for the year 2004 touched an
all time peak of AED 80.4 Million, as against AED 14.5
Million in 2003.
The earnings per
share increased from AED 2.21 in 2003 to AED 12.18 in
2004, an increase of 451%.
The Net asset
value of the company increased from AED 154 Million in
2003 to AED 342 Million in 2004, resulting in an
increase in the book value of each share from AED 23.46
in 2003 to AED 51.91 in 2004, an increase of 121%.
positive stock market conditions and by judicious
exploitation of opportunities, DNIRís investment in come
increased from AED 10.2 Million in 2003 to AED 74.0
income of the company increased to AED 15.5 Million in
2004, compared to AED 12.6 Million in 2003.
reserves increased, by AED 9 Million, from AED 35
Million un 2003 to AED 44 Million in 2004, providing
comfort due to their adequacy levels.
declared a stock dividend of 51.51%. at current market
price it is valued at AED 272 Million. Thus the
currently declared stock dividend effectively gives a
return of 412% on capital.
The increase in
capital to AED 100 Million reflects the out-look of the
company to stay ahead and be ready to face the
liberalized trade regime from 2005.
With the issuance
of four stock dividends in the last 10 years, the
initial shareholder who invested 100 shares an inception
has increased his holdings to 250 shares.
In terms of
actual yield, in addition to regular cash dividends over
the years, the initial shareholderís investment of AED
1,000 in 1991 is now worth AED 20,000 a growth of 10