Riyadh – Mubasher: The board of Al Saif Stores for Development and Investment Company (Alsaif Gallery) greenlighted cash dividends amounting to SAR 35 million for the first quarter (Q1) of 2023.

The listed firm will grant a dividend of SAR 0.10 per share for 350 million eligible shares, according to a bourse disclosure.

Meanwhile, the maturity and payment dates for the announced dividends will be 9 and 19 July 2023, respectively.

The board members approved the Q1-23 dividends, equivalent to 10% of the company’s capital, during their meeting that was held on 5 July.  

In the first three months (3M) of 2023, the Saudi firm logged net profits after Zakat and tax valued at SAR 50.54 million, an annual decline of 14.46% from SAR 59.09 million.

Revenues dropped by 9.30% to SAR 229.41 million in Q1-23 from SAR 252.94 million in Q1-22, while the earnings per share (EPS) went down to SAR 1.44 from SAR 1.68.

Last March, Alsaif Gallery opened a showroom in Ajman City, which marked the company’s second branch in the UAE.