Saudi Electricity approves 2019 dividends

The approved dividends represent 7% of the capital

  
Image used for illustrative purpose. A general view of power plant number 10 at Saudi Electricity Company's Central Operation Area, south of Riyadh.

Image used for illustrative purpose. A general view of power plant number 10 at Saudi Electricity Company's Central Operation Area, south of Riyadh.

REUTERS/Fahad Shadeed

Riyadh – Mubasher: The extraordinary general assembly meeting of the Saudi Electricity Company (SEC) approved the board’s recommendation to distribute cash dividends of SAR 0.7 per share to shareholders for fiscal year (FY) 2019.

The total value of the dividends stands at SAR 749.3 million, representing 7% of the company’s capital, according to a bourse filing on Wednesday.

Eligibility of dividends will be to the shareholders on the general assembly’s meeting date and those registered in the company’s share register at the Securities Depository Center Company (Edaa) at the end of the second trading day following the maturity date.

In 2019, Saudi Electricity reported a 21% annual decline in net profits at around SAR 1.39 billion, compared with SAR 1.76 billion.

Source: Mubasher

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