Logo of Saudi Industrial Services Co.’s (SISCO)
Saudi Industrial Services Co.’s (SISCO) board of directors approved an updated dividend policy, whereby the company will endeavor to pay a total annual dividend of SAR 0.80 per share for each of the financial years 2022 and 2023.
This policy will result in a semi-annual dividend of SAR 0.40 per share for these years, the company said in a bourse statement.
The dividend policy will be reviewed annually in the context of the company’s investment requirements and may be subject to change based on any market changes, fundamental changes in the company's strategy, cash flows and any new investment opportunity or financial obligations that may arise at a future date, the statement added.
The board recognizes the distribution of a progressive and sustainable dividend as one of its key management objectives, underpinned by SISCO’s strong track record of delivering a consistent dividend over the last five years, the company noted.
Accordingly, the board believes that it is important to have a policy that enables an appropriate balance between reinvestment for growth and distributions to shareholders, while offering the flexibility to implement the recently announced updated five-year strategy that aims to deliver long-term shareholder value through leveraging the significant opportunities in SISCO’s core sectors of ports, logistics and water.
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