Southern Cement proposes cash dividend of SAR2.25 per share for 2H16 (7% yield)
Southern Province Cement Co. board of directors (BoD) has proposed cash dividends of SAR2.25 per share for 2H16, i.e., SAR315 mn in total cash dividends, vs. a DPS of SAR3.5 in 2H15. This implies a DPS of SAR4.75 for full-year 2016 (7% dividend yield, 76% payout), as the company has distributed cash dividends of SAR2.5 per share in 1H2016, vs. SAR6 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) Southern Cement: SAR71.12 as of 16 Feb. 2017, Rating: Neutral, TP: SAR71.00/share, MCap: USD2,655mn, SOCCO AB/3050.SE
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