MIS puts off Q1 2024 dividend recommendation until disclosing audited financials

Logo of Al Moammar Information Systems Co. (MIS) 

Al Moammar Information Systems Co. (MIS) said that the board of directors’ recommendation to distribute dividends for Q1 2024 has been deferred until the audited financial statements are issued.

The step comes in accordance with Article 47 of the implementing regulations of the Companies Law for Listed Joint Stock Companies, the company said in a statement to Tadawul.

Earlier today, MIS’ board recommended paying cash dividends of 8% of capital at SAR 0.8 a share for Q1 2024. Additionally, the board planned a three-year dividend policy until 2026, according to data available with Argaam.

The company said that the policy aims to maintain a minimum dividend per share of 50% of net profits annually, to be paid on a quarterly basis, noting that the dividend policy will be subject to change based on any fundamental changes in the company's strategy or any obligations to financing parties that may arise in the future.

Through this policy, the company also aims to balance cash distributions and continue to support and expand its capital base in proportion to the volume of expected growth and business expansion.