Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Real Estate approved the decision to distribute SAR 0.50 per share for the second half of 2016.

The dividends representing 5% of the share’s par value total SAR 600 million, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday, noting that the EGM was held on Thursday.

The EGM also approved designating the board to distribute retained cash dividends to shareholders for fiscal year 2017 and set the date of entitlements to the distributions.

Saudi Real Estate last reported a 41.42% drop in profits to SAR 86.48 million in 2016, compared to SAR 147.62 million in 2015.

The company’s stock fell 1.60% to SAR 20.90 by 10:43am Saudi time on Sunday.