Riyadh – Mubasher: Saudi Arabia-based Middle East Paper Co’s (MEPCO) on Tuesday announced that its board of directors had approved distributing a cash dividend of SAR 25 million ($6.67 million), or SAR 0.50 per share, for the first half of 2018 during a meeting held the previous day. 

Dividends will be distributed over 50 million shares, representing 5% of the share par value, according to MEPCO’s statement to the Saudi Stock Exchange (Tadawul).

“The eligibility of dividends shall be for the shareholders at the close of trading on Thursday 1 November, and as per the registered shareholders in the register of The Securities Depository Center Company at the end of the second trading day following the eligibility date,” the statement added.

The firm further noted that distribution date will be announced later.

MEPCO last reported a 59.09% year-on-year profit increase during the second quarter of 2018, registering SAR 28.9 million, compared to SAR 18.18 million.

The Saudi firm's profits soared 166% to SAR 57 million during H1-18, up from SAR 21.4 million in H1-17.

By 10:28 am Saudi time, MEPCO’s stock levelled up 5.90% to reach SAR 22.22.