Abu Dhabi – Mubasher: The board of directors’ report for the National Corporation for Tourism and Hotels (NCT&H) revealed that total assets grew by AED 15 million in 2014 to AED 1.257 billion.

The board attributed this rise to increase properties and equipment by around AED 10.7 million in addition to investment in associates and joint projects worth AED 4.4 million, according to the company’s filing to the Abu Dhabi Securities Exchange (ADX).

Moreover, NCT&H said it received a compensation amounting to AED 21 million from the Abu Dhabi government in 2014.

It also reported a 29% net profit rise to AED 158.72 million ($43.2 million) for the year ended 2014, compared to a net profit of AED 123.274 million ($33.56 million) in 2013. Profits for Q4-14 reached AED 50.27 million compared to AED 47 million in the same period the year before, a rise of 7%.

The board has recommended a 25% cash dividend amounting to AED 0.25 per share and totaling AED 120 million, added to a 12.5 stock distribution, totaling 60 million shares.

Accordingly, NCT&H’s capital will rise from 480 million shares to 540 million shares. 

The company’s capital amounts to AED 480 million at par value AED 1 per share.