Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, announced at its meeting held last week its recommendation to the general assembly of shareholders to distribute quarterly cash dividends.

The cash dividends are to be distributed from retained earnings of 1.25 percent (5 percent for the full year) of the share’s nominal value, by distributing 12.5 halalas per share quarterly (the total for the year is SR0.5 per share) for a total of SR163.9 million as quarterly cash dividends totaling SR655.9 million for the year.

This figure was determined after Prince Alwaleed gave up his full entitlement of his share of the proposed annual cash distributions, which totaled 34 halalas per share (SR1,197 million), or 8.5 halalas per share (SR299.2 million quarterly).

KHC, reported that consolidated net income for 2013 totaled SR742.5 million, an increase of 5 percent over 2012, while the fourth quarter net income of SR231.2 million exceeded last year’s by 10 percent.