Riyadh – Mubasher: The ordinary general meeting (OGM) of Zamil Industrial Investment Company approved distributing cash dividends at SAR 1 per share, representing 10% of capital, for the second half of fiscal year (FY) 2016.

The dividends’ distribution will start 18 May through the National Commercial Bank (NCB) to shareholders until the date of OGM, and those registered at the end of the trading day following the maturity date on May 8, according to the company’s statement on Sunday to the Saudi Stock Exchange (Tadawul).

The OGM approved the board of directors’ recommendation to transfer SAR 120 million from the surplus balance of the statutory reserve to the retained earnings, halt saving 10% of the net profits for the statutory reserve, and distribute dividends for the first quarter of FY17.

The OGM approved the board’s and auditors’ reports for the fiscal year ended 31 December 2016.

The Saudi company had previously reported a 2.23% growth in profits reaching SAR 58.7 million in the fourth quarter of 2016, compared to SAR 57.45 million in Q4-15.

By 10:48 am KSA time, the stock stood at SAR 29.20, after losing 3.50%.