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Saudi Paper shareholders approve 5% cash dividends, 10% bonus issue for Q3 2023
Saudi Paper Manufacturing Co.’s (SPM) shareholders approved the board’s recommendation of paying a cash dividend at 5% of capital, or SAR 0.5 a share, for Q3 2023, during the extraordinary general meeting (EGM), held on April 25, 2024, according to a statement to Tadawul.
They also ratified the board’s proposal to increase capital by 10%, or SAR 33.7 million, from SAR 337 million to SAR 370.7 million via a bonus issue.
|
Dividends Details |
|
|
Current Capital |
SAR 337 mln |
|
Number of Shares |
33.70 mln |
|
Total Dividends |
SAR 16.85 mln |
|
Percentage of Capital |
5% (SAR 0.5 a share) |
|
Record Date |
April 25, 2024 and those registered with the Securities Depository Center Co. (Edaa) on the second trading day following the record date |
|
Date of Payment |
May 9, 2024 |
|
Capital Increase Details (Bonus Issue) |
|
|
Current Capital |
SAR 337 mln |
|
Number of Shares |
33.70 mln |
|
Percentage of Increase |
10% (one bonus share for every 10 existing shares) |
|
New Capital |
SAR 370.70 mln |
|
Number of Shares |
37.07 mln |
|
Eligibility |
April 25, 2024 (Those registered with Edaa on the second trading day following the record date) |
|
Reason |
To support capital base, enhance growth plans and maximize shareholders’ returns |
|
Method |
The increase will take place through capitalizing SAR 33.7 million from retained earnings. |
Fractional shares, if any, will be compiled in one portfolio and offered for sale at the market price. The proceeds will be distributed among eligible shareholders pro rata in 30 days maximum.
Shareholders also endorsed the board’s proposal to transfer a statutory reserve of SAR 15.34 million as of Dec. 31, 2023, to the retained earnings account.
They further endorsed the election of board members for the upcoming three-year term starting April 27, 2024. These members included Muhammad Al-Sabhan, Saad Al-Ammari, Mansour Al-Mansour, Abdulaziz Al-Mishaal, Abdul Al-Mishaal, Saud Al-Amari and Bashar Al-Khail.
In addition, the Saudi Tadawul announced that fluctuation limits will be based on a stock price of SAR 71 today. All outstanding orders will be cancelled.
Edaa will add the bonus shares to shareholder portfolios before Tuesday, April 30.
Dividend History (SAR/share) Corporate Actions
| Announcement | Ex-Dividend | Payment | Dividends (M Riyal) | Dividends * | Notes |
| 29/11/2023 | 25/04/2024 | 09/05/2024 | 16.85 | 0.45 | |
| 23/12/2012 | 26/03/2013 | 13/04/2013 | 56.25 | 1.93 | |
| 20/12/2011 | 02/04/2012 | 16/04/2012 | 52.50 | 1.81 | |
| 15/12/2010 | 26/03/2011 | 10/04/2011 | 45.00 | 1.55 | |
| 23/02/2010 | 06/04/2010 | 01/05/2010 | 37.50 | 1.29 | |
| 27/12/2008 | 02/04/2009 | 20/04/2009 | 30.00 | 1.03 | |
| 01/03/2008 | 12/04/2008 | 23/04/2008 | 18.00 | 0.62 | |
| 26/02/2007 | 21/04/2007 | 10/05/2007 | 12.00 | 0.41 |
Dividend History
| Consolidated cash dividend | Cash dividend per share (SAR) | * The stock price at the beginning of the period (SAR) | Return on the base price |
|---|---|---|---|
| Last 3 Financial years | 0.45 | 37.30 | 1.22 % |
| Last 5 Financial years | 0.45 | 11.64 | 3.91 % |
| Last 10 Financial years | 0.45 | 42.84 | 1.06 % |
Valuation Data (Latest Share Price)
| P/E (TTM) | 23.60 |
| P/E Before Unusual Items (TTM) | 22.63 |
| P/BV | 4.78 |
| Dividend Yield | 1.13 % |
| Market Cap. (M) | 2,446.62 |
| Return on Average Assets | 9.08 % |
| Return on Average Equity | 21.49 % |
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