Arabian Shield board recommends dividend freeze for 2023

Logo of Arabian Shield Cooperative Insurance Co. 

Arabian Shield Cooperative Insurance Co.’s board of directors on April 2 recommended withholding dividends for 2023, according to a statement to Tadawul.

The move came to support the company's financial position and maintain the solvency margin to finance future development plans.

The recommendation is subject to shareholders’ approval at the next general meeting, the date for which will be determined later, the statement added.

The Saudi insurer earned SAR 44.2 million in 2023, versus a loss of SAR 18.2 million a year earlier, according to data compiled by Argaam.