Riyadh – Mubasher: The ordinary general meeting (OGM) of National Metal Manufacturing and Casting Company (Maadaniyah) on Wednesday approved the distribution of dividends at 50 halalas per share for fiscal year 2016.

Total distributions amount to SAR 14.06 million, and will be distributed among shareholders of record by the end of the OGM’s day and shareholders registered by the end of the second trading day following the maturity date, according to a filing to the Saudi Stock Exchange (Tadawul).

The date of distribution will be announced later.

Shareholders also approved the board’s and auditors’ reports, and financial statements for FY16.

The Saudi company had previously reported a 20.82% decline in its profits to reach SAR 23.23 million in 2016, compared to SAR 29.34 million in 2015.

By 11:35 am KSA time, Maadaniyah’s stock stood at SAR 21.50, after falling 2.01%.