Almarai’s [2280.SE] Board of Directors (BoD) proposed a cash dividend distribution of SAR0.75/share for FY 2017 (total of cSAR750mn), slightly shy of our forecast of cSAR0.80/share. The dividend implies a payout ratio of c33% based on our 2017 recurring net profit estimate, in line with the 2016 DPO and a dividend yield of c1.3%. The ex-dividend date will be the day following the AGM date, which is yet to be announced.
(Tadawul, Nada Amin, Hatem Alaa)
Almarai: SAR55.38 as of 11 Dec. 2017, Rating: Neutral, TP: SAR52.00/share, MCap: USD14,768mn, ALMARAI AB/2280.SE