Maharah board recommends capital hike to SAR 475 mln, 10% cash dividend for H2 2022

07/03/2023 Argaam Exclusive

Maharah Human Resources Co.’s board of directors recommended yesterday, March 6, raising capital by 26.7% from SAR 375 million to SAR 475 million.

 

The company stated, in a statement on Tadawul, that a total of 7.5 million shares will be distributed to shareholders (One bonus share for every five outstanding shares).

 

In addition, a total of 2.5 million of the shares earmarked for the capital top-up will be directed to the Long-Term Incentive Program (LTIP), instead of their direct procurement.

 

The company clarified that the capital rise will be through capitalizing SAR 100 million of retained earnings.

 

In a separate statement, Maharah stated that the board decided to distribute a 10% cash dividend for the second half of 2022, at SAR 1.00 per share, as follows:

 

Dividend (H2 2022)  

Current Capital

SAR 375 mln

Number of Shares

37.5 mln

Total Dividends

SAR 37.5 mln

Percentage of Capital

10% (SAR 1 per share)

Record Date

March 12, 2023 (For shareholders registered with Edaa at the end of second trading day following the record date)

Payment Date

March 22, 2023

 

Total Dividend (2022)

Total Dividend

SAR 84.38 mln

Percentage of Capital

22.5% (SAR 2.25 per share)

 

Capital Increase Details

Current Capital

SAR 375 mln

Number of Shares

37.5 mln

Percentage of Increase

26.7%

Capital after Increase

SAR 475 mln

Number of Shares after Increase

47.5 mln

Reason

To strengthen the company’s financial position

Method

- Distributing 7.5 million shares in a one-for-five bonus share issue

- Allocating 2.5 million shares for LTIP

Eligibility

Shareholders by the end of trading on the day of the extraordinary general meeting (EGM), which will be announced later, and those registered with Edaa by the end of the second trading day following the EGM

Dividend History (SAR/share) Corporate Actions

Announcement Ex-Dividend Payment Dividends
(M Riyal)		 Dividends * Notes
07/03/2023 12/03/2023 22/03/2023 37.50 0.08
30/08/2022 04/09/2022 14/09/2022 46.88 0.10
13/03/2022 17/03/2022 29/03/2022 75.00 0.16
17/08/2021 22/08/2021 02/09/2021 65.63 0.14
17/03/2021 21/03/2021 05/04/2021 75.00 0.16
02/09/2020 06/09/2020 22/09/2020 84.38 0.18
18/03/2020 23/03/2020 06/04/2020 120.00 0.25
16/09/2019 01/10/2019 16/10/2019 100.13 0.21
Historical dividend per share adjusted for the effect of capital changes and bonus shares, if any

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 0.65 5.84 11.12 %
Last 5 Financial years 1.45 5.99 24.16 %
Last 10 Financial years N/A N/A N/A
Based on the beginning of the period (January 1 of the base year)

Historical Dividends

Maharah Human Resources Co.
7.21
(0.05) (0.69 %)

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Valuation Data (Latest Share Price)

P/E (TTM) 27.98
P/E Before Unusual Items (TTM) 27.98
P/BV 5.39
Dividend Yield 2.09 %
Market Cap. (M) 3,424.75
Return on Average Assets 6.82 %
Return on Average Equity 19.99 %

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