AMAK board approves dividend policy for 2023, 2024

Logo of Al Masane Al Kobra Mining Co. (AMAK)

Al Masane Al Kobra Mining Co.’s (AMAK) board of directors approved on April 30 the dividend distribution policy for 2023-2024, with the aim of maintaining a minimum dividend per share on a semi-annual basis, according to a statement to Tadawul.

The policy entailed the distribution of all earnings realized in 2023 and 2024 as cash dividends. The company will consider paying additional dividends, subject to shareholders’ approval, after assessing the financial position, outlook and capital requirements.

Dividends will likely differ year to year based on the company’s performance.

Cash dividends will be paid on a semi-annual basis after the company’s shareholders authorize the board to carry out the payment.

This policy will remain subject to modification based on any material changes to the strategy and business of the company, including the business environment.

It is also subject to the laws and regulations applicable to the company, and any banking, other funding or credit rating covenants that the firm may be bound to follow from time to time.

The dividend policy will be discussed during the upcoming general meeting, the date for which will be announced later.