Riyadh – Mubasher: Arriyadh Development Co. said Sunday its board of directors proposed the distribution of cash dividends for 2015 at SAR 1.30 per share, or 13% of stock par value, totalling SAR 173.3 million.
Shareholders of record till the close of trading on the date of the upcoming ordinary general meeting will be entitled to receive the dividends.
The real estate developer posted 55.4% growth in net profit for FY15 to SAR 294.4 million, up from .SAR 189.4 million in the prior-year period.
Net profit for the fourth quarter of 2015 amounted to SAR 84.5 million, a rise of 58% year-on-year from SAR 53.4 million.
The profit rise in the fourth quarter and in FY15 was boosted by improved activity in land sales, coupled with stronger operating revenues.
