Mubasher: The ordinary general meeting (OGM) of Gulf Cement Co approved the board’s recommendation to distribute 8% of the capital as a cash dividend for fiscal year 2017.

The company, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), will pay 8 fils per share as a dividend to the entitled shareholders, according to a bourse filing on Thursday.

According to Mubasher’s calculations, Gulf Cement will pay AED 65.65 million in cash dividends for FY17.

The company will pay the dividends on 22 April to the shareholders of record date on 18 April.

Gulf Cement’s capital stands at AED 821.1 million distributed on 821.1 million shares.

In FY17, Gulf Cement posted a decline of 19% in profits to AED 40.6 million compared to AED 50.1 million in the same period a year ago.