Riyadh – Mubasher: City Cement’s extraordinary general meeting (EGM) has approved the board’s recommendation for distributing dividends of SAR 0.40 per share for 2017.

Shareholders listed in the company’s books at the depository centre on the second trading day after the meeting will be entitled to the distributions, according to a bourse filing.

Cash dividends will be transferred to shareholders’ bank accounts on 17 May via Riyad Bank, City Cement stated.

The EGM also approved the auditors’ report, the financial statements for the full-year 2017, and the board’s report for the year.

City Cement last reported a 56.9% drop in profits to SAR 93.3 million in 2017 from SAR 216.3 million in the previous year.

The company’s stock last traded down 2.33% to SAR 11.74.