Riyadh – Mubasher: The board of directors of Saudi-listed Advanced Petrochemical on Wednesday proposed the distribution of cash dividends to shareholders for the first quarter of 2017.
The board recommended dividends of SAR 0.70 per share, representing 7% of the share’s nominal value and totalling SAR 137.88 million, according to a statement to the Saudi Stock Exchange (Tadawul).
Shareholders registered in the company’s books at the end of trading on 30 March 2017 will be entitled to the dividends, the petrochemical company added.
In a separate statement to the Saudi bourse, the company’s extraordinary general meeting (EGM) had approved the distribution of a cash dividend of 7% of the share’s nominal value or SAR 0.70 per share for the fourth quarter of 2016, with the total payout reaching SAR 137.8 million.
Advanced Petrochemical distributed SAR 373.9 million in cash dividends for the first three quarters of 2016, bringing total dividends for FY16 to SAR 511.7 million, which makes up around 28.5% of capital.
The petrochemical company last reported SAR 210 million in profits for Q4-16, up 43.76% from SAR 146.08 million in the year-ago period.
The company’s stock commenced Wednesday’s trades on a negative note, falling 1.08% to SAR 46.60 by 10:15am Saudi time.
Advanced Petrochemical's first quarter ends on 31 March 2017.
