The shareholders of Saudi Arabia’s MBC Group Co. have approved the board’s proposal for paying no dividends for 2023, according to a statement to Tadawul.
The broadcaster’s board recommended last month withholding cash dividends to help the company expand its current and future operations, shore up liquidity and strengthen its financial position.
MBC Group obtained SAR 69 million ($18.5 million) in 2023 net profit, a 44.8% increase compared to the year prior, in the first financial results the company has published since going public on the Saudi Stock Exchange.
The results were the first to be published following the company’s initial public offering (IPO) on the Saudi Tadawul. The IPO saw MBC raise SAR 831 million, with the first day of trading delivering a 30% bounce.
Earlier in the year, MBC Group announced it had acquired a 13.7% stake in the music streaming platform Anghami. The purchase was estimated to cost of around $4.074 million, although the details of the deal were not disclosed.
