The board of directors of the Arabian Shield Cooperative Insurance Company decided to recommend to the extraordinary general assembly of the company to increase the capital by capitalizing part of the retained profits and statutory reserves by granting one share for every three shares .
The company clarified, in a statement to the Saudi Stock Exchange, Tadawul, that the recommendation includes a capital increase of 33.33% from 300 million riyals to 400 million riyals, by granting one share for each 3 shares.
and indicated that the capital increase will be by capitalizing 80 million riyals of retained earnings and 20 million riyals of statutory reserve.
She also noted that the eligibility of bonus shares is for shareholders registered in the company's records at the end of the second trading day following the day of the company's extraordinary general assembly, which will be decided later. / p>
and the company emphasized that the capital increase is conditional on obtaining the approval of the official authorities and the extraordinary general assembly on the increase and the number of shares awarded.
In addition, the quarterly profits of the Arabian Shield Cooperative Insurance Company doubled, before zakat, 394.1% in the third quarter of 2020, to reach 16.57 million riyals compared to 3.35 million riyals in the quarter. Similar from 2019.
The company's profits increased by 106.4% compared to a net profit before zakat in the second quarter of 2020 amounting to 8.03 million riyals.
During the first nine months of 2020, the net profit of Arabian Shield for Cooperative Insurance increased by 181.4% to reach 33.36 million riyals compared to 11.86 million riyals in the same period of 2019. < / p>
