RIYADH: The Saudi Arabian Mining Co., or Ma’aden, won't pay any dividends for shareholders for 2021 even as it turned to profit.
The mining giant reported a net profit of SR5.2 billion ($1.4 billion), after making losses of SR280 million, according to a filing.
Despite the rise in net profit, the company decided not to give cash dividends for the year 2021, it said in a statement.
The mining giant's board has also recommended increasing the company's capital by granting bonus shares.
The company's board took this decision after foreseeing the firm's need to continue funding its current and future projects.
The board's recommendations will be presented at the next general assembly meeting for endorsement.
