Riyadh – Mubasher: Saudi-based Yanbu Cement’s on Monday announced that its shareholders had approved the board’s recommendation to distribute a cash dividend of SAR 1.25 per share for the second half of 2017 during an ordinary general meeting (OGM) held the previous day.

The cash dividend represents 12.5% of the share's par value, according to a statement to the Saudi Stock Exchange (Tadawul).

Eligibility for dividends will be for the shareholders registered in records on 15 April, while the distribution date will be defined later, the cement producer noted.

The board was authorised to distribute dividends on a semi-annual and quarterly basis for 2018, while the OGM nodded to the auditor and board reports.

In March, the firm approved to distribute cash dividends at SAR 196.88 million for H2-17.

Yanbu Cement’s profits plunged 39.4% to SAR 319 million for the full year of 2017, compared to SAR 526 million a year earlier.

The stock increased 1.5%, to close Sunday at SAR 30.72.