Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company on Tuesday announced that its shareholders had approved distributing cash dividends for the full fiscal year 2018 and raising capital via bonus shares issue during an extraordinary general meeting (EGM) held in the previous day.

The firm’s capital will increase by 20% to SAR 600 million, from SAR 500 million, according to a statement to the Saudi Stock Exchange (Tadawul).

Aldrees’ EGM also approved distributing SAR 1 per share as cash dividends. The dividends will be paid on 2 April.

Shareholders also approved the auditor reports and amending some of its articles of associations.

In January, Aldrees announced that its board of directors has nodded to distribute SAR 50 million in cash dividends, or SAR 1 per share, for the full year of 2018.

In mid-January, the Tadawul-listed company reported a 62% year-on-year profit hike during the fourth quarter of 2018, registering SAR 22 million after calculating Zakat and Tax, from SAR 13.6 million.

In February, the Saudi Capital Market Authority (CMA) approved the firm’s request to raise capital to SAR 600 million from SAR 500 million.

By 10:37 am Saudi time, Aldrees Petroleum and Transport Services Company’s stock fell 1.91% to SAR 28.20.