Riyadh – Mubasher: The extraordinary general meeting (EGM) of National Petrochemical Co (Petrochem) approved the distribution of cash dividends for 2016.
The company will pay SAR 0.50 per share, representing 5% of the share’s nominal value and totalling SAR 240 million, according to a bourse filing on Tuesday.
Shareholders of record at the end of trading of the EGM will be eligible for the dividends, which will be distributed as of 27 April through Riyad Bank.
Moreover, the meeting gave a nod to the board's and auditors' reports for 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law.
Petrochem reported a net profit of SAR 406.8 million in the twelve months of 2016, registering a decline of 55.14% from SAR 906.8 million in 2015.
