Riyadh – Mubasher: Saudi Arabia-based Almarai Company on Monday announced that its board of directors has recommended distributing SAR 850 million cash dividends, or SAR 0.85 per share, for the full fiscal year of 2018.

Distributions represent 8.5% of the share's book value, the food and beverage firm said in a statement to the Saudi Stock Exchange (Tadawul).

Dividends will be only for the shareholders who are registered in Tadawul at the end of the second trading day following the shareholders’ meeting, while the distribution date will be specified later, Almarai added.

“For foreign non-resident investors the dividend paid by the company is subject to a withholding tax of 5.0% upon transfer to the non-resident investor or credit to its account according to the provisions of article (68) of the income tax law and article (63) of the implementing regulations,” the statement said.

The Saudi integrated consumer food and beverage group last reported a 4.20% year-on-year decline in profits during the third quarter of 2018, reaching SAR 1.45 billion, from SAR 1.51 billion.

From January to September, Almarai logged a profit of SAR 4.21 billion, 0.90% down from SAR 4.24 billion in the corresponding period last year.

Almarai Company’s stock levelled down 0.39% to close Monday’s trading session at SAR 50.90.