We intend to pay dividends quarterly each fiscal year as per the below shareholder-approved dividend policy.
The Company’s ability to pay dividends is dependent on a number of factors, including the availability of distributable reserves, our capital expenditure plans, credit rating considerations and other cash requirements in future periods, and there is no assurance that we will pay dividends or, if a dividend is paid, what the amount of such dividend will be.
Subject to the foregoing, the Company intends to pay dividends quarterly each fiscal year, with an initial payment following first-quarter results, a second payment following second-quarter results, a third payment following third-quarter results, and a final payment following the Annual General Assembly in the following year.
The Company expects to pay:
i. a dividend in respect of the year ending December 31, 2020 in an amount of AED 0.0250 per share, of which AED 0.0150 is expected to be paid as soon as practicable after the General Assembly on 13 December 2020 and the remainder following the Annual General Assembly in 2021;
ii. a dividend in respect of the year ending 31 December 2021 in an amount of AED 0.0275 per share, paid quarterly as outlined above;
iii. a dividend in respect of the year ending 31 December 2022 in an amount of AED 0.0300 per share, paid quarterly as outlined above;
iv. for the period thereafter, the Board of Directors will at the appropriate time make recommendations to shareholders regarding an updated dividend policy.