Riyadh – Mubasher: The equityholders of Saudi Ceramic Company (Saudi Ceramics) greenlighted, during the 26 June extraordinary general meeting (EGM), a capital hike by 25% to SAR 1 billion from SAR 800 million, according to a bourse disclosure.

The company will capitalise SAR 200 million of retained earnings by granting one bonus share for every four owned shares.

Accordingly, the number of shares after the capital increase will be 100 million shares compared with 80 million shares before the transaction.

Saudi Ceramics aims to raise its capital to support future expansions while endorsing its business and assets.

In March this year, the board of directors recommended the capital hike in line with announcing the 2023 financial results.

During the first quarter (Q1) of 2024, Saudi Ceramics generated net profits worth SAR 15.56 million and revenues of SAR 345.76 million.