Logo of Saudi Arabia Refineries Co. (SARCO)
Saudi Arabia Refineries Co.'s (SARCO) board of directors recommended on March 18 not to distribute cash dividends for 2023.
The proposal seeks to use available cash for new projects to enhance its financial position, SARCO said in a statement to Tadawul.
The recommendation will be presented for approval at the general assembly, the date for which will be determined later after obtaining approval from the official authorities.
The company’s profits fell to SAR 7.7 million at the end of 2023, down 73% from SAR 28.2 million in 2022, with Q4 profits at SAR 5 million.
SARCO’s last distributed dividends were in 2022, at 10%, or SAR 1 per share, according to data compiled by Argaam.
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