Announcement of Al Yamamah Steel Industries Company of not to distribute cash dividends to the company's shareholders for fiscal year ended September 30, 2023.
Al-Yamamah Steel Industries Company announces the recommendation of the Board of Directors, at its meeting on Wednesday December 27, 2023 corresponding to Jumada Al-Akhirah14, 1445 H, to the Ordinary General Assembly of the company’s shareholders, the date of which will be announced later, not to distribute cash dividends to the shareholders for the fiscal year ended September 30, 2023.
Date of the board’s decision
2023-12-27 Corresponding to 1445-06-14
Reasons for Not Recommending Distribution
To strengthen the company's financial position and to participate in financing the company’s projects and factories, including Al Yamamah Wind Power Systems Factory. In addition to not achieving net profit in the fiscal year ended September 30, 2023.
Approvals
The approval of the Ordinary General Assembly of the company’s shareholders, which is expected to be held in March 2024.
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