Riyadh – Mubasher: Al Omran Industrial Trading Company submitted a request to the Capital Market Authority (CMA) for a SAR 60 million capital raise on 11 November 2022.

Subject to regulatory approvals, the company’s board recommended the capital increase by offering a rights issue on 21 August this year, according to a bourse filing.

Al Omran noted that it will disclose any further details regarding the hike transaction once available.

In the first nine months (9M) of 2022, the Tadawul-listed firm posted a 28.48% plunge in net profit after Zakat and tax to SAR 6.35 million, versus SAR 8.87 million during the January-September 2021 period.

Revenues decreased by 7.82% to SAR 105.49 million in 9M-22 from SAR 114.44 million in 9M-21, whereas the earnings per share (EPS) retreated to SAR 1.06 from SAR 1.48.

Last September, the company named Muhammad Omran Al Omran and Nasser Mohammed Nasser bin Omran as the board’s new Chairman and Vice Chairman, respectively, for the coming three years.