Omani firms announce better dividends

Business Saturday 25/February/2017 12:00 PM
By: Times News Service
Omani firms announce better dividends

Muscat: Oman’s listed companies have announced better cash dividends and bonus shares to the shareholders, thanks to better performance of the corporate sector.
Most MSM listed companies will conduct their annual general assembly meetings (AGMs) in March to discuss the performance and to clear cash and stock dividends recommended by their boards.
Oman Refreshments Company, which will hold its annual general assembly meeting on March1, announced that the board recommended 100 baises cash dividend for each share. The nominal value of the share is 100 baises.
In 2016, the company, which has a capital of OMR5 million, posted OMR10.3 million net profit compared to OMR9.6 million in 2015 with retained earnings that stood at OMR35.3 million at the end of December 2016.
Oman Fiber Optic said that it will distribute 30 per cent cash dividend; 300 baises for each share as the company’s net profit during 2016 stood at OMR2.5 million compared to OMR1.6 million in 2015.
Oman Packing Company will also hold its annual general meeting on March 1 to discuss the recommendation made by the board to distribute 20 per cent cash dividends, which is equivalent to 200 baises per share.
About 55 companies from the different sectors have announced their dividends by February 21.
Shell Oman Marketing topped the list of companies that will distribute cash dividends with 106 per cent (or 106 baises) for each share with nominal value of 100 baises, which is the same dividend for 2015. Oman Refreshments Company came second with 100 per cent cash dividend. Oman Cables Industry came third with 85 per cent cash dividends compared to 90 per cent in 2015.
Oman International Hotel Management Company said that the company will distribute 75 per cent cash dividend (or 750 baises for each share with a nominal value of OMR1). Oman Oil Marketing Co said that it will distribute 60 per cent cash dividend (or 60 baises per each share).