Alandalus shareholders OK 3-year dividend policy

Alandalus Property Co.’s shareholders approved a three-year dividend distribution policy, as the company intends to pay 60% of the annual net profit for the years 2024, 2025, and 2026 on a semi-annual basis, during the extraordinary general meeting (EGM) held on Dec. 1, according to a statement to Tadawul.

 

 

The policy stipulates that dividends will be deducted from the accumulated retained earnings from previous years and/or from distributable reserves formed from profit. The company shall ensure consistency and regularity of the process according to its financial capacity and available liquidity.

 

The board of directors is entitled to duly and regularly announce the dividend distributions.

 

Shareholders also approved the transfer of the company's statutory reserve balance, amounting to SAR 100.6 million, as per financial statements for the year ended Dec. 31, 2023, to the retained earnings balance.

 

They further authorized the board to distribute interim dividends on a semi-annual basis for the fiscal year 2024.

 

Other agenda items were also approved during the meeting.

 

Alandalus paid cash dividends at 5%, or SAR 0.5 a share, for 2023, data compiled with Argaam showed.