Abu Dhabi - Decypha: Dunia Group, a UAE-based finance company, has recorded a profit of AED 73.1 million ($19.9 million) for the year of 2016, the company announced in a statement.
The stated amount includes the profit of subsidiaries Dunia Finance LLC (dunia) and Dunia Services FZ LLC, generating a net profit of AED 71.3 million and AED 1.8 million, respectively.
In terms of operating income, the group witnessed a 7.3% year-on-year growth (YoY) in comparison to 2015, recording an AED 879.2 million in 2016.
The company stated that the growth is due to its “customer-centric strategy,” where the main focus falls on deepening the relationship the group is building with its clients. This strategy has led to a growth in number of customers by 21% in 2016 only.
Total customer assets were maintained at the same levels of the previous year at AED 1.96 billion, in addition, the company reported a growth in cash and deposits of 54% in 2016 to reach AED 202.5 million.
“Dunia Group announced an aggregate dividend of AED 56 million for 2016, maintaining a six-year track record of dividend distribution,” the statement read.
The company announced a decline in its cost-income ratio to 14% in 2016, in comparison to the previous year’s 28%. The company had also reported a 31.5% capital adequacy level.
Dunia Group, is an Abu Dhabi headquartered finance company, It is a strategic investment and alliance created by a group of leading players including Mubadala, Fullerton Financial Holding, Waha Capital, and A.A. Al Moosa Enterprises.
By Decypha Editorial Team
