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Jazadco to distribute SAR 25m dividends for 2016

Jazadco to distribute SAR 25m dividends for 2016
(Photo Credit: Company website)
JAZADCO
6090
33.54% 17.36 4.36

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Jazan Development Co (Jazadco) approved the distribution of cash dividends for 2016.

The company will pay dividends at SAR 0.5 per share, totalling SAR 25 million and representing 5% of capital, according to a bourse filing on Wednesday.

Shareholders of record at the end of the following day of the EGM are eligible for the dividends, while the distribution date will be disclosed later.

Moreover, the EGM nodded to the board's and auditors’ reports for 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law.

Jazadco's net profits fell 10.4% year-on-year to SAR 6.49 million in the third quarter of 2016 from SAR 7.24 million.

The firm achieved SAR 6.13 million in profits in 2016, compared to SAR 22.2 million for 2015, with a 72.4% drop.