Kingdom Holding Company, the investment company chaired by Saudi billionaire Prince Alwaleed, has announced plans to distribute dividends worth SR656 million ($175 million) for 2013.

The Saudi firm said it has recommended the board to distribute quarterly cash dividends from retained earnings of 1.25 per cent (5 per cent for the full year) of the shares nominal value, by distributing 12.5 Halalas per share quarterly (the total for the year is 0.5 Riyals per share) for a total of SR163.9 million as quarterly cash dividends.

This figure was determined after Alwaleed gave up his full entitlement of his share of the proposed annual cash distributions, which totaled 34 Halalas per share (1197 million Riyals), or 8.5 Halalas per share (299.2 million Riyals quarterly), said a statement from KHC.

The eligibility for the payment of cash dividends will be based on the following:

*First payment: Eligibility will be based on the records of registered shareholders according to company records at the end of trading on the day of the AGM, which will be held once approved by the appropriate authorities and will be paid after two weeks after the eligibility date.

*Second payment: eligibility will be based on the records of registered shareholders according to company records at the end of trading on  June 30, 2014 and will be paid after two weeks after the eligibility date.

*The third payment: eligibility will be based on the records of registered shareholders according to company records at the end of trading on the day of September 30 and will be paid after two weeks after the eligibility date.

*Fourth payment: eligibility will be based on the records of registered shareholders according to company records at the end of trading on the day of December 31, 2014 and will be paid after two weeks after the eligibility date.

KHC had earlier reported a consolidated net income of SR742.5 million, for 2013, up 5 per cent over the same period a year ago, while the fourth quarter net income of SR 231.2 million exceeded last year’s by 10 per cent.-TradeArabia News Service