Saudi Fransi distributes SAR 1.19 billion cash dividends for H2 2023

Banque Saudi Fransi has announced the recommendation of its Board of Directors to distribute SAR 1.19 billion cash dividends to its shareholders for the second half of 2023, constituting 10% of the share nominal value.

According to a statement released on Tadawul, the total number of shares eligible for dividends stands at 1.19 billion shares, with one riyal allocated for each share after the deduction of zakat.

Eligibility for receiving dividends for the second half of 2023 will be extended to the bank’s shareholders registered with the Depository Centre by the conclusion of the second trading day following the General Assembly meeting.

Furthermore, it’s should be noted that the Central Bank of Saudi Arabia has provided no objections to the Board’s recommendation regarding the distribution of cash dividends to shareholders.

The Bank has distributed net cash dividends of SAR 1,140 million for the first half of the financial year 2023 to the shareholders registered in Depository Centre at the end of the second trading day following the due date 03.08.2023 for SAR 0.95 per share, which represents 9.5% of the share nominal value. Consequently, total net distributed dividends for the financial year ending 31.12.2023 amounting SAR 2,338 million for SAR 1.95 per share which represents 19.50% of the share nominal value.

The bank would like to draw the attention of the non-resident foreign investors that the cash dividend distribution which is transferred by the resident financial broker is subject to (when transferred or credited to the bank account) withholding tax of 5%, in accordance with the provisions of article 68 of the income tax law and article 63 of its implementing regulation.