Riyadh – Mubasher: The Saudi Electricity Company (SEC) on Wednesday announced that its shareholders had approved distributing a cash dividend of SAR 0.70 per share, representing 7% of the company’s capital, for 2018 during an ordinary general meeting (OGM) held the previous day.

Dividends will be distributed starting from 12 May, according to a statement to the Saudi Stock Exchange (Tadawul).

The eligibility of dividends shall be for the shareholders owning shares on the eligibility date 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 OGM also approved distributing nearly SAR 888,460 as remuneration for the members of its board of directors for the fiscal year ended 31 December 2018.

On 13 March, the company’s board of directors proposed distributing a cash dividend of SAR 0.70 a share, or 7% of the share’s nominal value.

SEC reported a 31.66% year-on-year drop in net losses to SAR 3.77 billion in the fourth quarter of 2018, logging net profits of SAR 1.79 billion for the full-year 2018.