Riyadh – Mubasher: The board of Saudi Telecom Company (STC) on Tuesday recommended the distribution of cash dividends to shareholders for the first quarter of 2016, amounting to SAR 1 per share and totalling SAR 2 billion.
The dividend distribution representing 10% of capital will be given to shareholders registered as at the end of trading on 28 April, the company said in a filing to the Saudi Stock Exchange (Tadawul), adding that the distribution will take place on 19 May via Saudi Fransi Bank.The telecom firm noted that its distribution is in-line with its dividend policy that began in Q1-15 and which involves giving out dividends for a three-year period.
Earlier today, STC reported a net profit of SAR 2.37 billion ($632 million) for Q1-16, a decline of 5% from profits achieved in the same period the year before.
The stock ended Tuesday’s session in the red, shedding 0.67% and closing at SAR 60.57.
