Riyadh-Mubasher: Saudi Arabian Fertilizer Co.’s (SAFCO) board recommended distributing 15% cash dividends or SAR 1.5 a share to shareholders for the first half of 2016 , with a total value of SAR 625 million.
Shareholders of records registered on 26 June will be entitled to receive the dividends which will be paid on 17 July, according to the company’s filing to Tadawul.
The company reasoned the value of the proposed dividends to low prices as well as the challenges facing global markets; besides, SAFCO’s eagerness to develop the shareholders’ equity by adopting a number of initiatives that will enhance the operational efficiency, rationalise expenses, and allow expansion through studying the available investment opportunities.
The company posted SAR 286 million net profits during the first quarter of 2016, compared to SAR 590 million in the same period of the last year, retreating 51.5%.
It is noteworthy that SAFCO’s stock ended Thursday 0.37% lower at SAR 62.44.
