Saudi lender Arab National Bank announces $160mln dividend

Two other Saudi firms, Baazeem Trading and Al-Andalus Property, decide to distribute payout

  
Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

REUTERS/Ahmed Yosri

Arab National Bank, Saudi Arabia’s seventh-largest lender by assets, has announced the distribution of 600 million riyals ($160 million) in cash dividend for 2020.

The company, which posted a 31 percent decline in net profit to just a little over 2 million riyals in 2020, said its board recommended a payout equivalent to 4 percent of the share par value during a recent meeting.

At least 1.5 million shares will be eligible for the dividend, pegged at SAR.40 per share, a bourse filing to the Saudi Stock Exchange (Tadawul) said.

Property, FMCG

Two other Saudi-listed companies, Al-Andalus Property and Baazeem Trading, have also announced the distribution of dividend to their shareholders.

The property firm said its board has recommended a 5 percent payout, equivalent to 35 million riyals. It will be distributed to 70 million shares at SAR.5 per share.

The firm had posted a 78 percent fall in net profit to 14 million riyals for 2020.

As for the shareholders of Baazeem Trading Co., a major player in the kingdom’s fast-moving consumer goods (FCMG) industry, some 17.7 million riyals will be distributed as dividend for the year 2020.

It is equivalent to 17.5 percent of the share par value and will benefit more than 10 million shares.

Baazeem’s net profit for 2020 went up by 27 percent to 26 million riyals.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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