Maaden says won’t pay dividend for 2016

Saudi Arabian Mining Co.’s (Maaden) general assembly has decided not to issue dividends for fiscal year 2016, the company said in a statement to Tadawul Thursday.    

The company said it will focus on its investments and ongoing projects as it tries to cope with the slump in commodity prices, which has affected the company’s earnings FY16 earnings.

Maaden’s FY16 net profit fell 34 percent year-on-year and 81 percent quarter-on-quarter.