SARCO Board Recommends Against Distributing 2023 Cash Dividends

The Saudi Arabia Refineries Company (SARCO) declared on Tuesday that its board of directors has advised against distributing cash dividends to shareholders for the year 2023. This strategy is aimed at reallocating available funds into the development of new projects, which are expected to bolster the company’s financial standing.

SARCO disclosed in a statement on Tadawul today that this recommendation is slated for a vote at the company’s forthcoming General Assembly Meeting (GAM). The scheduling of this meeting is pending, subject to the receipt of necessary approvals from regulatory bodies.