Saudi Cement Co. proposes cash dividends of SAR2.75 per share for 2H16
Saudi Cement Co.’s board of directors (BoD) has proposed cash dividends of SAR2.75 per share for 2H16 or SAR420.75mn in total cash dividends, vs. DPS of SAR3.00 in 2H15. This implies DPS of SAR5.5 for full-year 2016 (8.7% dividend yield, 93% payout), as the company has distributed cash dividends of SAR2.75 per share in 1H16, vs. SAR6.0 in FY15 and our forecast of SAR4.75. The EX date for the cash dividends will be by end of trading day of the AGM, which will be announced later. (Company disclosure, Tarek El-Shawarby) Saudi Cement: SAR62.98 as of 8 Feb. 2017, Rating: Buy, TP: SAR75.70/share, MCap: USD2,570mn, SACCO AB/3030.SE
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