The Board of Directors of Al-Riyadh Development Company decided in its meeting held yesterday, Wednesday, to distribute cash dividends to the company’s shareholders for the first half of this year.

Al-Riyadh Development said in a statement to the Saudi market (Tadawul) today, Thursday, that the proposed dividend is 2.5% of the nominal value of the share at 25 halalas per share, with a total value of approximately 44.44 million riyals.

Al-Riyadh Development explained in the statement that the number of shares entitled to dividends is about 177.78 million shares.

Al-Riyadh Development stated that the eligibility for profits is for the company’s shareholders who own shares on the due date on October 10, 2022, and are registered in the company’s shareholders’ register with the Securities Depository Center Company at the end of the second trading day following the due date.

As for the date of dividend distribution, Al-Riyadh Development Company has set Sunday, October 30, 2022 as the date for dividends.

The profits of Al-Riyadh Development decreased by 23% at the end of the first half of this year, to reach 196.3 million riyals, compared to 254.44 million riyals, profits for the same period in 2021.

Al-Riyadh Development achieved profits of 57.4 million riyals in the second quarter of this year, compared to profits of 143.41 million riyals for the same period of the previous year, with a decrease in profits by 60%.