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Thoub Al Aseel sees 8% higher earnings in Q2; dividends approved

Thoub Al Aseel sees 8% higher earnings in Q2; dividends approved
The company saw 1.9% higher sales in Q2-20
ALASEEL
4012
-0.70% 4.25 -0.03

Riyadh – Mubasher: The net profits after Zakat and tax of Thoub Al Aseel reached SAR 52.32 million over the second quarter (Q2) of 2020, 8.2% more than SAR 48.34 million in the same period in 2019.

Revenues for the Q2-20 period increased by 1.95% on an annual basis, standing at SAR 193.84 million, according to a statement to the Saudi bourse on Monday.

The rise in the interim profits was supported by the growth in sales as new products were introduced and a medical supplies contract was signed.

Further, it was driven by the firm’s efforts to improve cost management and adequately limit controllable costs while benefiting from the Saudi government’s initiatives that aim to mitigate the COVID-19 consequences.

Moreover, the company’s board decided to distribute cash dividends of SAR 30 million to shareholders for the first half (H1) of 2020, equivalent to SAR 1 per share or 10% of the share’s par value.

Eligibility of dividends will be to the shareholders at the end of the due date scheduled on 14 September 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the eligibility date.

The distributions will take place within 15 days from the due date.