The Securities and Commodities Authority (SCA) announced that public joint-stock companies in the UAE distributed a total of AED61.73 billion ($16.80 billion) in cash dividends and bonus shares in 2023, a report said.

Of this amount, AED58 billion (94%) was allocated to cash dividends, while AED 3.72 billion (6%) was distributed as bonus shares, SCA said in a report sent exclusively to the Emirates News Agency.

The banking sector emerged as the top dividend payer, with AED18.35 billion in cash dividends. The energy sector followed closely, distributing AED11.36 billion.

Other significant contributors included telecommunications and utilities at approximately AED8.73 billion and AED8.72 respectively.

The real estate sector ranked fifth with total distributions of AED5.54 billion, followed by the transportation sector with AED1.87 billion; the services sector with AED1.06 billion; the insurance sector with AED975.3 million, the investment and financial services sector with AED849.9 million; the industrial sector with AED274.04 million; and the consumer goods sector with AED199.6 million.

Non-listed companies accounted for AED60 million in total distributions.

The cash dividends included both those approved by general assemblies and those based on interim financial results for 2023.

The banking sector also dominated bonus share distributions, totalling AED3.439 billion, followed by the services sector with AED281.7 million.