Meta is dishing out dividends

Facebook parent company Meta will begin distributing dividends for the first time, the company said yesterday as it announced its bumper 4Q 2023 earnings, reporting a 201% y-o-y rise in net income. The company’s board agreed to distribute a dividend of USD 0.50 per share, and plans to continue paying out dividends each quarter moving ahead, according to its earnings release. The announcement pushed Meta’s shares to rally more than 14% in after-hours trading. The story made the rounds: Wall Street Journal | Financial Times | Reuters | CNBC

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THE CLOSING BELL-

The DFM rose 1.2% yesterday on turnover of AED 390.8 mn. The index is up 4.0% YTD.

In the green: Commercial Bank of Dubai (+12.0%), Emirates Investment Bank (+11.4%) and National International Holding Company (+10.5%).

In the red: SHUAA Capital (-9.7%), Depa Limited (-7.4%) and Takaful Emarat (-6.5%).

Over on the ADX, the index closed down 0.4% on turnover of AED 1 bn, while Nasdaq Dubai closed down 0.3%.

CORPORATE ACTIONS-

Fujairah Cement Industries has initiated a divestiture involving its subsidiary, Ready Mix Concrete, which is valued at AED 40.2 mn, equivalent to approximately 11.3% of the company's share capital, according to an ADX disclosure. The subsidiary will be put up for sale in the open market during the first half of 2024, with the exact disposal value yet to be determined, the company said.

The rationale: The decision stems from the business' non-viability and the potential for losses on asset sales, the company said. The generated proceeds will be used to settle its liabilities, and any surplus funds will be allocated to the parent company, it added.