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Aldrees Petroleum mulls 25% capital raise

Aldrees Petroleum mulls 25% capital raise
The firm’s capital will be increased to SAR 750 million from SAR 600 million.
ALDREES
4200
-1.03% 67.50 -0.70

Riyadh – Mubasher: The Board of Directors of Aldrees Petroleum and Transport Services Company recommended increasing the company’s capital by 25% through granting one bonus share for every four owned shares.

Hence, the firm’s capital will be increased to SAR 750 million from SAR 600 million, Aldrees said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The capital hike is in line with the size of the company's business and future expansions and will be carried out through capitalisation from the retained earnings.

Last year, the net profits of the Tadawul-listed firm totalled SAR 121.1 million, down by 58.48% when compared to SAR 291.7 million in 2019.