EIC Approves Three-Year Dividends Distribution Policy

Electrical Industries Company announces on Thursday that the Board of Directors has approved the Company’s dividends distribution policy for the next three years. The dividends distribution policy shall be presented during the upcoming General Assembly Meeting for endorsement, which will be announced later. The objective of the policy is to maintain a minimum level of dividends per share on a semi-annual basis.

The company said in a statement today on “Tadawul” that the dividends distribution policy is as follows:

1. Distributing cash dividends to shareholders amounted of 12.5 Halala per share on a semi-annual basis for the next three years, starting from the second half of 2024 and ending on first half of 2027. The Company will consider distributing dividends after assessing the Company’s financial position, future expectations and capital requirements, subject to recommendation of the Board of Directors and the approval of the Ordinary General Assembly.

2. Distributing the dividends will be on a semi-annual basis after authorizing the Board of Directors by the General Assembly.

However, dividends distribution policy is subject to change based on the following:

– Any fundamental changes in the Company’s strategy and business, including the sectors in which the company operates.

– Laws, regulations, and legislations regulating the sector to which the company is subject.

– Any obligations or covenants of banking or financing entities.