Jarir Marketing Company's Board of Directors (BoD) has proposed a cash dividend distribution of SAR1.95/share for 4Q2015 (total of SAR175.5 million), below our SAR2.05/share forecast. The quarter's payout is c84% broadly in line with the company’s run rate and comes higher than the SAR1.85/share paid out in 4Q2014. Jarir paid out total dividends of SAR5.76/ share in 2015, implying a payout ratio of 84% (versus 80% in 2014) and dividend yield of 4.5%. (Company disclosure, Hatem Alaa, Nada Amin)   Jarir Marketing Co.: SAR128.87 as of 03 February 2016, Rating: Buy, FV: SAR208.00 per share, MCap: USD3,093 million, JARIR AB / 4190.SE