Riyadh – Mubasher: The ordinary general meeting (OGM) of Taiba Holding Company approved distributing a cash dividend representing 4% of its capital at 40 halalas per share.

The dividends totalling SAR 60 million will be paid to shareholders for the fourth quarter of 2016, Taiba said in a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

Cash dividends will be paid within two weeks from the date of approval, the statements showed.

The OGM approved distributions for the first three quarters of 2016, amounting to SAR 1.2 per share and totalling SAR 180 million.

The board was authorised to distribute quarterly or semi-annual dividends for the fiscal year of 2017, in accordance with regulatory requirements of the competent authorities.

The OGM also approved the board’s and the auditors’ reports, and the financial statements for the fiscal year ended 31 December 2016.

Taiba posted SAR 250.1 million in net profits in 2016, compared to SAR 436.9 million in 2015, registering a drop of 42.88%.

The stock ended Wednesday’s trading session down 0.26% at SAR 45.40.