SARCO OGM approves 2023 dividend freeze; rejects board remuneration

Logo of Saudi Arabia Refineries Co. (SARCO)

Saudi Arabia Refineries Co.'s (SARCO) shareholders approved a board of directors’ recommendation to withhold cash dividends for 2023, during the ordinary general meeting (OGM) held on May 28.

 

In a statement to Tadawul, the company said that shareholders also authorized the board to distribute cash dividend for 2024 on a semi-annual or quarterly basis.

 

Meanwhile, the OGM refused to approve the payment of SAR 766,665 as board remuneration for the year ended Dec. 31, 2023.

 

According to data available on Argaam, SARCO recommended not to distribute cash dividends for 2023 and to use available cash for new projects to enhance its financial position.

 

The company last dividends distribution was in 2022, at 10%, or SAR 1 per share.

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