Saudi food giant Almarai recommends $266.5mln cash dividend for 2021

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RIYADH: Saudi food giant Almarai Co.'s board of directors has recommended a 10 percent cash dividend for 2021, at SR1 ($0.27) per share.

This amounts to SR1 billion ($266.5 million), according to a bourse filing on Wednesday.

The recommended cash dividend matched the payout of the prior fiscal year, at SR1 per share.

The payment date will be determined after obtaining the upcoming general meeting's approval on the recommendation, the company said in a statement.

Dividends will be paid to the shareholders who are registered on Tadawul at the end of the second trading day following the General Assembly Meeting.

Almarai’s share price was down slightly by 0.1 percent to SR48.2 in the prior trading session.

The stock traded between an intraday high of SR48.5 and an intraday low of SR47.95 with around 2.2 million shares traded during the day.

In terms of profitability, the company saw a 23 percent decline in net profit for the nine-month period ending Sept.30.

This was down to SR1.277 billion, from SR1.648 billion in the corresponding period last year.

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