Jarir Marketing Co. has said it will no longer set aside 10 percent of its annual profit to fund its statutory reserve, which currently stands at 32.94 percent of the company’s capital.
Based on Saudi market regulations, Tadawul-listed firms are required allocate 10 percent of annual profit to fund the reserve, until it reaches 30 percent of capital.
Jarir shareholders also approved the total dividend for fiscal year 2016, which was issued at SAR 7.3 per share, the company said in a statement
A board remuneration of SAR 2.25 million was also endorsed, along with the board’s report, financial statements and auditor’s report for FY16.
In addition, the board was discharged from liability for its activities last year.
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