Riyadh – Mubasher: Saudi Advanced Industries Company’s (SAIC) board of directors approved distributing cash dividends representing 2.5% of the share’s par value for the first six months of 2017 (5% for the full year), according to a bourse filing on Wednesday.
The cash dividends amount to SAR 0.25 per share, totalling SAR 12.5 million for each half, or SAR 25 million for the full year.
The company will announce the payment date after the end of the first half of the fiscal year, the statement showed.
SAIC posted net profit of SAR 3.4 million in the first quarter of 2017, against SAR 3.75 million losses in the same period in 2016.
The company’s ordinary general meeting (OGM) approved delegating the board to distribute interim dividends to shareholders in 2017, according to a separate statement.
SAIC had previously reported a 927% surge in net profits to reach SAR 12.12 million in 2016, compared to SAR 1.18 million in 2015.
