Riyadh – Mubasher: Saudi Arabia-based Aldrees Petroleum and Transport Services Company on Thursday announced that its board of directors has nodded to distribute a cash dividend of SAR 50 million at SAR 1 per share for the full year of 2018.

Distributions represent 10% of the share’s par value, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm noted that the distribution date will be announced later.

“The eligibility of the dividends shall be at the end of trading day of the General Assembly meeting day (which will be announced at a later date) for the shareholders registered in Depository Center at the end of the second trading day following the General Assembly Meeting date,” the statement added.

In a separate statement, Aldrees Petroleum’s board recommended raising capital by 20% via bonus shares issue to SAR 600 million, from SAR 500 million.

The number of shares will grow to 600 million versus 500 million.

The firm further indicated that the capital hike aims to cope with its future expansion strategy.

Earlier on Thursday, the Tadawul-listed company reported a 62% year-on-year profit rise during the fourth quarter in 2018, generating SAR 22 million after calculating Zakat and Tax, compared to SAR 13.6 million in Q4-17.

As for the full-year 2018, Aldrees Petroleum’s net profits after calculating Zakat and Tax levelled up 29.4% to 83.6 million, up from SAR 64.6 million a year before.

By 10:52 am Saudi time, the firm's stock rose 5.88% to SAR 36.05.