Zoujaj to transfer 10% of 2016 profit to statutory reserve

The National Company for Glass Industries’ (Zoujaj) extraordinary general assembly on Sunday approved the transfer of SAR 2.21 million, or 10 percent of its net profit for 2016, to the statutory reserve, and to transfer the remaining net profit of SAR 18.25 million to the retained earnings account, the company said in a statement to Tadawul on Monday.

The company’s extraordinary general assembly has also approved a 7.5 percent cash dividend (SAR 0.75 per share) for the first half of fiscal year 2016.