The board of Saudi Electricity Co. (SEC) recommended cash dividend for 2014 at 7% of the stock par value, or SAR 0.70 per share, totaling SAR 547  million.

Shareholders of record until the close of trading on the general meeting date – April 20, 2015 – will be entitled to this dividend.

SEC said the dividend will be paid within a month from the meeting date.

The utility firm incurred SAR 1,802 million net losses in the fourth quarter of 2014, widening 172.62% compared with SAR 661 million losses in the same quarter of 2013.

However, SEC’s FY2014 net profit rose 18.94% year-on-year from SAR 3,036 million to SAR 3,611 million.