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Bazeem profits rise 27% in 2020; plans 17.5% dividends

Bazeem profits rise 27% in 2020; plans 17.5% dividends
Net annual profit in 2020 amounted to SAR 26.27 million
BAAZEEM
4051
1.33% 106.80 1.40

Riyadh – Mubasher: Baazeem Trading Company reported SAR 26.27 million in annual net profit after zakat and tax last year, recording an increase of 27.35% compared with the previous year.

The growth in net profit in 2020 was driven by revenue growth, a decrease in general and administrative expenses and reducing financing cost, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

In addition, the company’s board of directors has recommended the distribution of SAR 1.75 per share in cash dividends to shareholders for 2020, with a total amount of about SAR 17.72 million, representing 17.5% of the share’s par value, as per a separate bourse filing.