Board of Directors Report 2011
Statement of Accrued Regulatory Payments as at 31/12/2011
Description
Bahri
NCC
Provision for Zakat
13,087,990
3,506,444
December 2011 Tax Provision
146,567
176,806
December 2011 Social Insurance Provision
348,284
34,721
Dividend Distribution
after deducting all general expenses, other costs and statutory reserve in accordance with the provisions of Article (34) of the memorandum and articles of association of the Company. Members of the Board of Directors are also entitled to remuneration for attending Board meetings, in addition to a lump sum annual bonus in accordance with applicable regulatory rules.”
Dividend distribution depends on the Company’s results of operations, cash flow, working capital requirements, and capital investments. Based on this data, the Board of Directors, in its meeting held on 22/12/2011, decided to recommend to the General Assembly a dividend distribution of SAR 157.5 million for the fiscal year 2011, i.e. at the rate of SAR 0.50 per share. Article (36) of the Company’s Memorandum and Articles of Association stipulates that, “Dividends shall be distributed to shareholders
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