Riyadh – Mubasher: The shareholders of Saudi Advanced Industries Company (SAIC) greenlighted the board’s proposal to disburse cash dividends amounting to SAR 30 million for 2022.

SAIC will pay SAR 0.50 per share for 60 million eligible shares on 19 June 2023, according to a bourse disclosure.

It is worth noting that the announced cash dividends equal 5% of the company’s capital.

The shareholders approved the dividends during the ordinary general meeting (OGM) on 4 June.

Last year, the Saudi firm witnessed 9.96% higher net profits at SAR 100.21 million, compared to SAR 91.13 million in 2021.

In the first quarter (Q1) of 2023, the company’s net profits after Zakat and tax plunged by 28.67% to SAR 22.07 million from SAR 30.94 million in Q1-22.