Saudi Arabia: SAMA rejects distribution of AXA Cooperative proposed cash dividend
Source: Middle East Insurance Review | Jul 2020
The Saudi Arabian Monetary Authority (SAMA) has rejected the distribution of cash dividend to AXA Cooperative Insurance shareholders for the fiscal year 2019.
The decision will not have a financial impact on the company’s financials, the insurer said in a bourse statement.
In March, AXA’s board of directors recommended a 7% cash dividend for FY2019 at SAR0.70 per share, amounting to SAR35m, according to Argaam.
The company’s net profit reached SAR108.47m, up by 41.93% y-o-y from SAR76.42m in 2018. M
SAR1 = $0.27