Avalon Pharma to transfer SAR 25.3M reserve to retained earnings

01/06/2025 Argaam
Logo ofMiddle East Pharmaceutical Industries Co. (Avalon Pharma)

Logo of Middle East Pharmaceutical Industries Co. (Avalon Pharma) 

Middle East Pharmaceutical Industries Co.’s (Avalon Pharma) shareholders approved the transfer of the statutory reserve balance of SAR 25.3 million, as recorded in the annual financial statements ended Dec. 31, 2024, to retained earnings.

 

The decision came during the extraordinary general meeting (EGM) held on May 29, Avalon Pharma said in a statement to Tadawul.

 

Shareholders also approved authorizing the board of directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year ending Dec. 31, 2025.

 

Additionally, the EGM approved the remaining items on the agenda.

 

According to data available with Argaam, the company distributed a cash dividend of 20% (or SAR 2 per share) for 2024.

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