Abu Dhabi – Mubasher: The board members of Fujairah Cement Industries Co recommended to pay 6% of capital as a cash dividend for the fiscal year 2017.
The cement producer will pay a total cash dividend of AED 21.4 million as proposed by the board members, according to a bourse statement on Sunday.
It is noteworthy that the dividends proposed for FY17 are equal to the cash dividends approved by the ordinary general meeting (OGM) in April 2017.
The board of Fujairah Cement, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), called for holding an OGM on 12 April to vote on the proposed dividends.
During the 2017 fiscal year, Fujairah Cement posted a drop of 35% in profits to AED 37.1 million compared to AED 56.7 million in FY16.
Fujairah Cement has a capital of AED 355.87 million distributed on 355.87 million shares at a par value of AED 1 each.
