Board of Directors Report
Earnings per share are calculated on the basis of the weighted average of the outstanding number of shares during the year. Proposed year- end dividend distribution shall be treated as part of retained earnings rather than liabilities, unless a dividend distribution decision is
made by the end of the year. For comparison purposes, profit per share has been recalculated for the years 2004 - 2006 commensurate with the number of shares after the share split duly approved by the Council of Ministers in 2006.
Share Profit 2.38 1.48 1.96 2.19 2.14
2008 2007 2006 2005 2004
2004 2005 2006 2007 2008
In the meeting held on 7/4/2008, the ordinary general assembly approved cash dividend distribution to shareholders for the year 2007 in an amount of SAR 315 million at a rate of SAR 1 per share, representing 10% of the company’s share capital.
As a result of the excellent financial performance of 2008, the Board of Directors at their meeting held on November 29, 2008 recommended to the General Assembly to approve a cash dividend of SAR 472.5 million at a rate of SAR 1.5 per share representing 15% of the company’s share capital.
NSCSA lends major importance to risk management, especially in the wake of current volatility in the global economy. NSCSA adopts a policy of addressing these risks through a self-control system in order to reduce or avoid the risks of operations and to hedge against all expectations of future market volatility in both the international or local markets
through financial management, treasury management, internal audit and control. Among the risks that NSCSA puts under constant monitoring are credit risks, risks of fluctuations in foreign currency exchange rates, risks of inflation (purchasing power), liquidity risks, interest rate risks and risks associated with technical and electronic systems.
NSCSA shareholders enjoy all the rights and privileges pursuant to the provisions of the company’s memorandum and articles of association which are in line with the articles of the Companies Act and the Corporate Governance
Regulations duly issued by the Capital Market Authority. NSCSA did not issue any priority shares or shares with special voting priority rights. NSCSAboardof directors and executive management are keen to create an appropriate environment
Powered by FlippingBook