Al Hammadi’s board recommends dividend freeze for FY16

Al Hammadi Company for Development and Investment's (Al Hammadi) board of directors has recommended withholding dividend for fiscal year 2016, the company said in a statement to Tadawul on Monday.

The firm will instead focus on maintaining its cash flow to support operations, as well as current and future projects, the statement said.

The decision is subject to the next general assembly meeting’s approval.

Al Hammadi distributed a cash dividend at SAR 0.75 per share for fiscal year 2015, and SAR 1 per share for 2014.