Mubasher: The ordinary general meeting (OGM) of Saudi Pharmaceutical Industries and Medical Appliances Corp (SPIMACO) on Sunday approved distributing 10% of capital as cash dividends for fiscal year 2016.

The company will pay SAR 1 per share to the entitled shareholders, with a total value of SAR 120 million, according to a bourse statement issued on Monday.

The surplus from the regulatory reserves, totaling SAR 155 million, will be transferred to retained earnings.

During FY16, SPIMACO achieved a growth of 5.5% in profits to SAR 376.7 million from SAR 357.1 million in FY15.