The financial statements of the Saudi Company for Advanced Industries showed a significant jump in the company's profits during the past year by 249.6% compared to the profits of 2020.
According to the company's results for the Saudi market (Tadawul), last year's profits amounted to 91.13 million riyals, compared to 2020 profits of 26.07 million riyals.
The company said in a statement to the Stock Exchange that the increase in profits during the comparison years is mainly due to the increase in revenues due to the increase in the company's share of the profits of associates, despite the decrease in the dividends earned, and the decrease in profits. Sharia zakat and lower financing costs, despite the increase in general and administrative expenses and the decrease in other revenues.
The company achieved revenues of 101.48 million riyals last year, compared to 36.78 million riyals in 2020, a significant increase of 175.9%.
The company's board of directors recommended, in its meeting held on Monday, the distribution of cash dividends to shareholders for the past year at 7.5% of the nominal value of the share at 0.75 riyals per share. With a total value of 37.5 million riyals.
The company clarified that the eligibility for dividends to shareholders will be the owners of the shares at the end of the second trading day following the day of the company's annual general assembly, which will be announced later.
