SACO board recommends dividend freeze for H1 2021

01/08/2021 Argaam

A branch of SACO

Saudi Company for Hardware’s (SACO) board of directors recommended, on July 29, withholding the distribution of cash dividend to shareholders for H1 2021.

 

The recommendation aims to support project development, the company said in a bourse statement.

 

The board’s recommendation will be presented to the upcoming general assembly meeting for approval.

 

According to data compiled by Argaam, SACO’s Q2 2021 net profit fell by 56% year-on-year (YoY) to SAR 14.4 million.

 

The company distributed a cash dividend of SAR 1.25 per share for 2020 (SAR 0.5 for the first half and SAR 0.75 for the second half).

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