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Jarir BoD proposes DPS of SAR2.55 for 4Q17

Jarir Marketing Co.'s [4190.SE] BoD has proposed a cash dividend distribution of SAR2.55/share (total of SAR229.5mn) for 4Q17, coming in higher than our estimate of SAR2.25/share. The dividend implies a pay-out ratio of c91% based on 4Q17 net profit, in line with the company’s run rate. In total, Jarir paid out dividends of SAR8.7/share for FY17, implying a dividend yield of 4.6%. The ex-dividend date will be on 3 Apr 2018 and the distribution date on 12 Apr 2018. (Tadawul)
Jarir Marketing Co.: SAR189.32 as of 25 Mar. 2018, Rating: Buy, TP: SAR184.00/share, MCap: USD4,544mn, JARIR AB/4190.SE

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