Electrical Industries approves 3-year dividend policy

Logo of Electrical Industries Co.

Electrical Industries Co.’s board of directors approved, on Aug. 28, a three-year dividend distribution policy, according to a statement to Tadawul.

This policy, subject to the approval of the upcoming general meeting, seeks to maintain a minimum level of dividends per share on a semi- annual basis.

The three-year policy entails distributing cash dividends at 12.5 halalas per share semi-annually for the next three years from H2 2024 to H1 2027.

The company will consider the distribution of additional dividends after assessing its financial position, future forecasts and capital requirements, subject to the board’s recommendation and the approval of the ordinary general meeting (OGM).

The board of directors will be authorized to pay the dividend. 

However, the dividend policy is subject to change based on any material changes in the company’s strategy and businesses, including the sectors in which the company operates, applicable laws and regulations, as well as any obligations or covenants of banking or financing entities.