CENOMI CENTERS ANNOUNCES SAR 475 MILLION SPECIAL DIVIDENDS TO SHAREHOLDERS
Board of Directors approved bumper special cash dividends on the back of strong business results, top-line expansion, and successful non-core assets sale program
SAR 134 million of dues from related parties settled as part of the distribution to the major shareholders
The eligibility and distribution dates for the dividends will be on April 4th and 25th, respectively
Riyadh – Gulf Tech:
Cenomi Centers, the largest owner, operator and developer of shopping malls and complexes in the Kingdom of Saudi Arabia, will distribute SAR 475 million special cash dividends for the December quarter of (FY) 2022.
The board members of the Saudi retail giant recommended a cash dividend payout of SAR 1 per share for the third and last quarter (ended 31 December 2022) of the short financial year 2022, equivalent to 10% of the capital for 475 million eligible shares. The eligibility and distribution dates for the dividends will be on April 4th and 25th, respectively.
The incremental special dividend follows strong business results and top-line expansion, as well as proceeds from its successful non-core asset land sale program, which was announced earlier in 2022. During FY2022, the company completed the sale of two plots of land, bringing the total amount generated from the program to approximately SAR 875 million and leaves an estimated SAR 1.15 billion yet to be sold as part of the disposal of non-core assets program. Furthermore, SAR 134 million of dues from related parties will be settled as part of the distribution to the major shareholders.
Alison Rehill-Erguven, CEO, Cenomi Centers, said: “This has been a strong growth year for Cenomi Centers and underscores our strategic focus as a consumer-centric company, creating next generation retail and lifestyle experiences to the consumers of Saudi Arabia. Our commitment to delivering value for both consumers and shareholders through regular distributions is unwavering and we are proud to have achieved this through a combination of successful cost optimization measures, strategic decisions, and prudent investments. We look forward to continuing to build on this momentum as we strive to create spaces that inspire and delight our customers.”
