Monday, 4 July 2022

SISCO BOD Approves Updating Dividend Policy for 2022 and 2023

Saudi Industrial Services Company (“SISCO” or the “Company”) announced on Tuesday that the Board of Directors has approved the Company’s dividend policy for the years 2022 and 2023.

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Dividend Policy:

The Board recognises 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. As such, 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.

The Company has a strong pipeline of value accretive investment opportunities in its core sectors that will enable SISCO to build on its proven track record as partner of choice to develop key infrastructure projects and contribute significantly to the Kingdom’s Vison 2030.

As a result, the Board has decided on a new dividend policy whereby the Company shall endeavour to pay a total annual dividend in the order of SR 0.80 per share for each of the financial years 2022 and 2023. This policy will result in a semi-annual dividend of SR 0.40 per share for these years.

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.

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