Riyadh – Mubasher: Arriyadh Development Company’s shareholders recommended distributing cash dividends at SAR 0.80 per share for the second half of 2018, bringing the total value of the distribution to SAR 106.67 million.
Distributions represent 8% of the share’s par value, the company said in its statement to the Saudi Stock Exchange (Tadawul) on Sunday.
Entitlement to the dividends will be for the shareholders registered in Tadawul's Securities Depository at the end of the trading day of the general assembly meeting.
In a separate statement, Arriyadh Development Company’s board recommended raising capital by 33.33% via a bonus share issue. After the capital hike, the firm’s capital will rise SAR 1.78 billion from SAR 1.33 billion currently.
The Tadawul-listed company further noted that it aims, through capital increase, to support its fiscal position to cope with its future business plans.
The capital hike will be carried out by liquidating SAR 200 million of retained profits and SAR 244.44 million from reserves, Arriyadh Development said.
Earlier on Sunday, Arriyadh Development Co. reported a net profit after zakat and tax of SAR 203.93 million during 2018, down 8.3% year-on-year from SAR 222.34 million.
By 12:02 pm Saudi time, Arriyadh Development's stock jumped 8.11% to SAR 20.54.
