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Al Hammadi’s net profits fall 31% in 2021; capital raise proposed

Al Hammadi’s net profits fall 31% in 2021; capital raise proposed
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ALHAMMADI
4007
-0.66% 44.85 -0.30

Riyadh – Mubasher: Al Hammadi Company for Development and Investment has reported net profits after Zakat and tax worth SAR 90.09 million in 2021, down 31.13% from SAR 130.83 million in 2020.

The company saw an annual hike of 24.58% in revenue at SAR 951.89 million in 2021, compared to SAR 764.06 million, according to a recent bourse filing.

Moreover, the earnings per share (EPS) settled at SAR 0.75 last year, lower than SAR 1.09 in 2020.

In another bourse disclosure, the company's board recommended a 33% capital increase by granting one bonus share for every three owned shares.

The firm will raise its capital from SAR 1.20 billion to SAR 1.60 billion by capitalising SAR 400 million from the retained earnings and statutory reserve accounts.

The new capital will be distributed over 160 million shares, compared to 120 million shares prior to the increase.

During the first nine months (9M) of 2021, Al Hammadi logged net profits after Zakat and tax worth SAR 79.42 million, a year-on-year (YoY) drop of 21.06%from SAR 100.61 million.