Saudi Ceramics shareholders approve halting profit transfer to statutory reserve

Logo of Saudi Ceramics

Saudi Ceramic Co.’s (Saudi Ceramics) shareholders approved suspending the transfer of 10% net profit to the company’s statutory reserve during the ordinary general meeting (OGM) held on April 3.

In a statement to Tadawul, the company said that the statutory reserve reached 30% of the share capital as of Dec. 31, 2021, and the suspension will take place as of the financial year ended Dec. 31, 2022.

Shareholders also authorized the board to pay an interim dividend for 2023 semi-annually or quarterly, the statement added.