Saudi Electricity Company (SEC) has announced plans to distribute cash dividends worth SR749.3 million ($199.3 million) to its shareholders for the fiscal year 2018 following recommendation from the company's board of directors.

Announcing the board decision, SEC said the dividends represent seven per cent of the share par value (70 halala per share).

All the shareholders who are registered in the company’s share register in Securities Depository Center Company (Edaa) at the end of the second trading day following the General Assembly Meeting, are eligible for the dividend, stated the company in its filing to Saudi bourse Tadawul.

SEC had for fiscal year 2018 reported a net profit, after zakat and tax, of SR1.76 billion, down 74.6 per cent compared to SR6.9 billion the previous year.-TradeArabia News Service