Al Othaim board approves dividend policy

logo of Abdullah Al Othaim Markets Co.

Abdullah Al Othaim Markets Co.’s board of directors approved on Jan. 16 the dividend policy to set a clear and systematic mechanism for dividend distribution.

Dividends will be paid to shareholders on a quarterly basis, according to the audited or examined financial statements and in line with the relevant laws and regulations, the company said in a statement to Tadawul.

The board of directors will either declare interim dividends, if delegated by the general assembly, or make a recommendation to the shareholders. Moreover, the dividend distribution will be declared after the announcement of the quarterly interim financial results, according to the statement.

Dividends will be paid from distributable profits at the end of each quarter, and the distribution is subject to what the board of directors deems appropriate based on the company’s financial position, available liquidity, capital expenditures, and financial obligations.

In addition, dividends will be distributed to registered shareholders within 15 business days from the record date, which is set within 15 business days from the date of the dividend announcement.

The announced policy is adopted as there are no material changes in the company’s business or obligations, Al Othaim added.

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