Riyadh-Mubasher: Saudi Arabian Mining Co.’s (Ma’aden) board proposed withholding dividends for the fiscal year 2015, the company said in a bourse statement on Wednesday.
The dividend freeze is aimed at financing the company’s core projects.
Ma’aden suffered net losses of SAR 5.6 million in the fourth quarter of 2015, against earnings of SAR 376 million in the same period a year ago.
Net earnings for the 12-month period reached SAR 605 million, falling 55% year-on-year from SAR 1.3 billion.
