Riyadh – Mubasher: Saudi Airlines Catering Co. on Tuesday announced that its shareholders had approved a cash dividend distribution of 55% of the capital for 2017 during an extraordinary general meeting (EGM) held the previous day.

Total distributions amount to SAR 455.1 million after deducting Zakat and before deducting income tax, the catering and support services provider said.

The EGM authorised the board to distribute quarterly and semi-annual dividends for the fiscal year 2018, according to the firm's statement to the Saudi Stock Exchange (Tadawul).

The catering unit of Saudi Arabian Airlines (Saudia) also approved to pay SAR 3.03 million in remuneration for the fiscal year ended 31 December 2017, in addition to appointing the External Auditor KPMG Al Fozan and Partners with total annual fees of SAR 640,000.

The EGM decided to amend some items in its articles of association, the Tadawul-listed firm noted. 

Saudi Airlines Catering had previously reported a 0.91% decrease in its profits to SAR 120.3 million during the first quarter of 2018, compared to SAR 121.4 million in Q1-17.

By 10:01 am Saudi time, the stock rose 0.27% to SAR 86.80.