Sahara BoD proposes SAR0.5/share dividend for 1H18
Sahara announced that its Board of Directors (BoD) has proposed a dividend of SAR0.5/share for 1H18. While this would imply a dividend of SAR1/share for FY18, below our forecast of SAR1.25/share, we still believe the company could pay SAR0.75/share in 2H18, given robust earnings so far this year. The dividend implies an annual yield of 5.3%, based on the latest share price (SAR18.64/share) and a pay-out ratio of 77%, based on our 2018 forecasted EPS. The ex-dividend date was stated to be on 19 August, while the distribution date will be announced later.
Sahara Petrochemicals: SAR18.64 as of 9 Aug. 2018, Rating: Buy, TP: SAR19.00/share, MCap: USD2,181mn, SPC AB/2260.SE
Yousef Husseini
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