Alawwal BOD Recommends SAR 2 bln Cash Dividend Distribution for H2 of 2023

The Saudi Awwal Bank announced the Board of Directors (BOD) recommendation to distribute SAR 2.01 bln in cash dividends to shareholders for the second half of the fiscal year ending on December 31, 2023, equivalent to 9.8% of the share nominal value.

The number of shares entitled to dividends reached 2.05 billion shares, at 0.98 riyals per share after deducting Zakat.

Eligibility for dividends for the second half will be for shareholders who own the bank’s shares at the end of the day of the bank’s general assembly and who are registered in the bank’s shareholder registry with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the assembly.

The Bank would like to draw the attention of non-resident investors to the fact that the cash distributions transferred through the resident financial intermediary are subject, when transferred or credited to its bank account, to a withholding tax of 5% in accordance with the provisions of Article (68) of the Income Tax Law and Article (63) of its Executive Regulations.

Accordingly, the Bank urges non-resident investors who have tax exemptions on dividends issued by the Zakat, Tax and Customs Authority to promptly o communicate with the Bank Shareholders Registry Unit on Tel. No. 011 440 8440 to provide documents supporting tax exemption.