Academy of Learning BOD recommends distributing SR12 mln profits for H2

Academy of Learning Company announced on Tuesday the Board recommendation to distribute cash dividends of SR2 instead of SR1.5 to Shareholders for the second half of 2022. The percentage of dividends to the share par value (%) is 20 %.
The eligibility of Cash dividend will be to Shareholders who own the company shares on the Eligibility date and are enrolled in the Company’s register at Securities Depository Center Company (Edaa) by the end of the second trading day of the General Assembly of the company, which will be announced later.
The Academy of Learning Company has previously distributed net cash dividends of SR9 million for the first half of the fiscal year 2022, at a rate of SR1.5 per share, representing 15% of the nominal value of the share. For shareholders registered in the bank’s records with the Securities Depository Center Company (Edaa) at the end of the second trading day following the maturity date 08/09/2022. Thus, the total net profits distributed for the fiscal year ending on 31 / 12 /2022 will amount to SR21 million, at SR3.5 per share, which represents 35% of the nominal value of the share.
The company said “We would like to draw the attention of non-resident foreign investors that the cash dividends that are transferred through the resident financial intermediary are subject when transferred or credited to his bank account, to withholding tax at a rate of 5% in accordance with the provisions of Article (68) of the Income Tax Law and Article (63) of its Implementing Regulations.”
The company calls upon its Shareholders to quickly update their data and ensure that their bank account numbers are linked to their investment portfolios to ensure that their dividends are deposited in their accounts.