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Tawuniya’s board recommends SAR 150m dividends for 2023

Tawuniya’s board recommends SAR 150m dividends for 2023
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Riyadh – Mubasher: The Company for Cooperative Insurance’s (Tawuniya) board members suggested, in their 8 April 2024 meeting, a cash dividend payout worth SAR 1 per share for 2023.

Subject to all relevant approvals, the 2023 cash dividends would stand at SAR 150 million that is equivalent to 10% of the SAR 1.50 billion capital.

Tawuniya noted that the number of eligible shares is 150 million, according to a bourse filing.

Meanwhile, the eligibility and distribution dates will be announced later once the shareholders approve the board’s proposal.

The listed firm stated that it already obtained no-objection from the Insurance Authority to disburse cash dividends for 2023, during which the company achieved net profits worth SAR 616.42 million in addition to insurance revenues worth SAR 15.26 million.

Last year, the stakeholders of Tawuniya agreed to increase the company’s capital to SAR 1.50 billion from SAR 1.25 billion.