Logo of Arabian Centres Co. (Cenomi Centers)
Arabian Centres Co.’s (Cenomi Centers) board of directors approved, on March 25, a dividend distribution policy for one year, effective the second quarter of 2024.
In a statement to Tadawul, the company said its dividend distribution policy will be presented for approval during the upcoming general meeting, the date of which will be announced later.
The policy is anchored on maintaining a minimum level of dividend per share quarterly, with the company being committed to paying SAR 0.37 for each quarter over one year.
Furthermore, Cenomi Centers indicated the possibility of considering additional dividends, subject to the board’s recommendation to the general assembly. This recommendation will follow an assessment of the company’s financial situation, future expectations, and capital requirements.
The company emphasized that dividend payout on a quarterly basis might fluctuate depending on its performance.
Cenomi Centers also underscored that the dividend distribution policy remains subject to change, in response to significant alterations in the company’s strategy and operations, including the business environment in which it operates.
This is in addition to the laws, regulations, and regulatory frameworks governing the sector to which the company belongs.
Moreover, any commitments or obligations to banking, financial, or credit rating agencies’ requirements that may bind the company from time to time could also influence changes to the policy, the statement said.